Saturday, December 20, 2025
33.8 C
Lagos

N229bn World Bank Windfall: States Refuse to Publish 2019 Budget

Nigerian state governments have proved that the returns from the usual business of budget secrecy are much more fulfilling to them than the $750 million incentive provided by the World Bank to encourage public finance transparency in Nigeria, BudgIT research has shown.

An 8-month painstaking effort, the assessment of the availability of public finance documents in state government domains reveals that only twenty-five states’ approved budgets are available online, a few of which are summarized scanned documents.

Eleven states (Lagos, Cross River, Akwa Ibom, Bayelsa, Ebonyi, Imo, Nasarawa, Oyo, Rivers, Sokoto and Zamfara) are yet to publish the details of their 2019 budget online, as of June 3rd, 2019, while Kwara state budget went missing on its website immediately after the recent transition.

This contravenes the ideals of openness and transparency in the management of public resources, which is the requisite guideline for the World Bank’s State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme, a product of mutual agreement between the financial institution and the federal government to strengthen fiscal transparency, accountability and sustainability in Nigerian states as a means to turbo-charge their revenue base, increase fiscal efficiency in public expenditure while reducing debt overhangs.

The project in which all the 36 state governments submitted written expressions of interest commenced late 2018 after the endorsement by the National Economic Council in March.

It is shocking that any state would jettison the offer of a programme that was informed by serious fiscal challenges faced by states, the majority of which are still unable to pay workers’ salaries and pensions.

We must emphasise that Imo, Zamfara and Sokoto states have not published their budget documents since 2017, whereas Lagos State, which provides only a thumbnail of it, has a history of notoriously resisting attempts to uncover its financial dealings, thus embedding corruption.

“This situation notwithstanding, BudgIT will not give in on its advocacy for transparency and accountability in Nigeria. We shall look more critically at the proactiveness in the disclosure of financial information by Nigerian states as well as their compliance with the Freedom of Information Act,” affirms Gabriel Okeowo, BudgIT’s Principal Lead.

According to him, it is commendable that many other states have released full budget documents to the public. However, those documents must always be published within a reasonable timeframe in an accessible format.

This is pivotal in enabling citizens to engage legislators during budget debates. States with partially detailed budget documents – in public domains – must provide details of capital projects being executed for the fiscal year.

spot_img
spot_img
spot_img

Hot this week

Nigeria: Digital Economy Revenue to Top $18.30bn by 2026

L-R: Garba Kurfi, Managing Director/CEO, APT Securities and Funds...

CBN Liquidates Aso Savings and Loans, Union Homes Savings and Loans 

As part of its efforts to re-position the mortgage...

NCC: Regulatory Intervention Attracts $1bn Investment from Telecom Operators  

Mrs. Tolulase Omodele-Rufai Deputy Director Nigerian Communications Commission (NCC) Lagos Zonal Office The...

NDIC, NIBSS Plan MoU to Fast-track Reimbursement of Depositors

The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria...

Topics

GOCOP Partners NCDMB, NCC, Dangote, NCAA, UBA for 2024 Conference

Partners for the eighth annual conference of the Guild...

Allianz Ranked 30 on List of World’s Most Valuable Brands

In this year’s Global 500 report issued by Brand...

PenCom to Newspaper Owners: Clear N720m Pension Debt

From Left: The Director General of the National Pension...

‘MTN Considers Interest of Consumers in USSD Billing’

MTN Nigeria Communications Plc says it puts consumers first...

AXA Mansard: The Worst Ranking Insurance Brand in Q1 2023

In the first quarter of 2023, P+ Measurement Services,...

AMCON Takes Over Assets of Pan Ocean Group over N240bn Debt

Hon. Justice A.M. Liman of the Federal High Court,...

GENCOs, TCN, DISCOs on War Path over Power Losses

Following the continuous worsening power outages the privatised Generating Power Companies (GENCOs), the Transmission Company of Nigeria (TCN) and the Distribution Power Companies (DISCOs) are now on each other’s neck over who bears the cost of power losses from evacuation points through the national grid to the distribution network. This is due to dilapidated facilities at both the transmission level and distribution network.

Mutual Benefits Assurance: 26 Years of Thanksgiving to God!

L-R: Ambassador Babatunde Ajisomo; his wife, Ronke Ajisomo, Director,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img