Nigeria Ranked 92nd In Fiscal Transparency Among 125 Countries Worldwide

Nigeria Ranked 92nd In Fiscal Transparency Among 125 Countries Worldwide....KINDLY READ THE FULL STORY HERE▶

Nigeria’s ranking in fiscal transparency has declined, as highlighted by the 2023 Open Budget Survey (OBS) conducted by the International Budget Partnership (IBP)………..CONTINUE READING

The survey revealed that Nigeria scored a mere 31 out of 100 in transparency, causing it to drop to 92nd place among 125 countries assessed.

The OBS is the only independent, comparative evaluation of transparency, oversight, and participation in national budgets globally, and it has underscored serious concerns about Nigeria’s fiscal management.

According to the survey, Nigeria’s performance in transparency, public participation, and institutional oversight was poor, lagging behind countries like Cameroon, Zimbabwe, Zambia, Sierra Leone, and Benin.

The main reasons for Nigeria’s disappointing ranking include the government’s failure to publish in-year reports and mid-year reviews online, and a lack of innovative public participation practices.

The transparency score of 31 represents a significant decline from the 45 Nigeria achieved in 2021.

BudgIT, a civic-tech organization focused on promoting transparency and accountability in Nigeria, expressed alarm at the findings. Gabriel Okeowo, BudgIT’s Country Director, stated: “This is an immediate cry for help. Nigeria is experiencing a decline in fiscal transparency. The current administration has the ball in its court to revive fiscal transparency and take the nation further without reminiscing about past glories.

“There is still a need for better transparency, enhanced mechanisms for public participation and engagement in the budget process, oversight functions performed by the supreme audit institution and the legislature, and improved timeliness in publishing detailed budget documents, especially audit reports.

“To improve transparency, BudgIT recommended that the government publish fiscal documents promptly, ensure quarterly reports are released within three months post-period, and make annual budgets available in machine-readable formats.”

The organization also advocated for expanded engagement mechanisms during budget implementation, including promoting citizen feedback on projects and actively involving vulnerable communities. “It stressed that the National Assembly and auditor-general’s office must also create formal avenues for public contributions to audit programs and investigations, and allow public and civil society testimonies during budget and audit report hearings.”

Olayinka Babalola, Nigeria’s Country Manager for the International Budget Partnership, emphasized the importance of generating discussions among citizens, government, civil society organizations, and all stakeholders on how public finance systems could address the needs of everyone, especially the marginalized and vulnerable.

He explained: “Nigeria’s scores in the OBS 2023 provide a unique opportunity to identify areas for improvement and reflect on how the government can build on the gains made in previous years to make budgetary processes more transparent and participatory, while increasing oversight on how public funds are raised and spent.

“As Nigeria grapples with fiscal transparency challenges, the 2023 Open Budget Survey serves as a wake-up call for the government to prioritize accountability and inclusivity in public budgeting

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