Saturday, July 12, 2025
27.5 C
Lagos

Nigeria Ranks 90 on Budget Transparency Index

BudgIT expresses dismay at Nigeria’s current position on fiscal transparency and public participation in the budget process as Africa’s largest economy has apparently taken steps backwards despite persistent advocacy by citizens and repeated promises by the government to improve.

Nigeria slips into 90th place behind Zimbabwe and Afghanistan on the Open Budget index released yesterday. The Open Budget Index assesses the comprehensiveness and timeliness of budget information that governments make publicly available.

The Federal Government of Nigeria provides her citizens with insufficient budget information making it difficult for taxpayers to understand how elected officials are utilising available resources. Also, the budget process takes very little feedback from the public, and the final budget document does not reveal how the meagre feedbacks are used.

Nigeria’s score on the open budget index dipped from 24 in 2015 to 17. In Africa, Nigeria currently ranks 23 behind Rwanda, Zimbabwe and Liberia while South Africa, Uganda and Senegal top the index in Africa.

Nigeria’s low rank can be connected to the failure of the federal government to produce the mid-year review. Also, the Medium Term Expenditure Framework (MTEF) and the Budget Implementation Reports were published late while the content of all budget documents produced in Nigeria falls short on the minimum acceptable global standards as itemised in the Global Initiative for Fiscal Transparency Framework.

BudgIT urges the Federal Government to improve the timeliness of the release of its essential budget documents and run an open budget system. It is also vital that Nigeria improves on the comprehensiveness of the critical budget documents, including the Medium Term Expenditure Framework (MTEF), the Budget Implementation Reports, the executive budget proposal, the enacted budget and the year-end report.

Nigeria also needs to produce and publish a mid-year review of fiscal activities in line with the minimum global standard in budgeting. There is also an urgent need for a structured participatory mechanism designed to capture views of the public throughout the budget cycle.

spot_img
spot_img
spot_img

Hot this week

Fidelity Bank Delivers Hope to Internally Displaced Persons in Benue State

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left);...

Union Bank Responds to Court Ruling on NICON, Global Fleet, Jimoh Ibrahim Case

Union Bank of Nigeria acknowledges the recent judgment of...

NAICOM, CIIN Laud IMT for Advancing Tech-Driven Insurance in Nigeria

The Commissioner for Insurance (CFI) and the CEO of...

NCDMB Unveils Nigerian Content Fund Certificate, Empowers 130 firms with $400m NCI Fund

The Nigerian Content Development and Monitoring Board has introduced...

Local Content, NCDMB on the Spotlight at 2025 NOG Conference

The recently held 2025 Nigeria Oil and Gas (NOG)...

Topics

Sustainability Professionals Institute of Nigeria Inducts 64 New Members

The Sustainability Professionals Institute of Nigeria (SPIN) inducted 64...

SVP 2021-2025 is Catalyst for 5G, Broadband Penetration, Telecom Infrastructure-Danbatta

The Nigerian Communications Commission (NCC) says its Strategic Vision...

Digital Identity Will Foster Economic Growth – Interswitch Boss

Nigeria can unlock its full economic potentials if majority...

Business, Risk Leaders to Meet in Lagos Oct 2O

Leading risk management and insurance players, including key regional...

‘Tax Burden in Nigeria is Real’

Dr. Uche Olowu President/Chairman of Council Chartered Institute of Bankers of...

Travelstart Appoints Ã…kesson, Country Manager, Nigeria

Travelstart has announced the hiring of Philip Ã…kesson as...

Union Bank Core Investors to Transfer 89.39% Equity to Titan Trust Bank

The Board of Union Bank of Nigeria Plc (Union...

100 Youths Begin NCDMB/ITF Vocational Training Program

Engineer Simbi Kesiye Wabote Executive Secretary Nigerian Content Development and Monitoring...
spot_img

Related Articles

Popular Categories

spot_imgspot_img