National Economy
Thursday, July 3, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Nigeria Improves 24 Points In Open Budget Transparency

by Mark Itsibor
3 years ago
in Business, News
Reading Time: 2 mins read
Open Budget Transparency
Share on FacebookShare on TwitterShare on Telegram

Nigeria came 65th in open budget transparency in a recent global ranking survey that was released yesterday. The Open Budget Survey 2021 showed that Nigeria scored 45 per cent in the transparency index. The 2021 survey covers 120 countries. Compared to other African countries, Nigeria came behind Ghana who scored 56, Liberia and Sierra Leone who scored 45 points respectively.

The transparency segment of the survey measures public access to information on how the central government raises and spends public resources. It assesses the online availability, timeliness, and comprehensiveness of eight key budget documents using 109 equally weighted indicators and scores each country on a scale of 0 to 100. A transparency score of 61 or above indicates a country is likely publishing enough material to support informed public debate on the budget.

However, Nigeria posted its best performance in the open budget survey, improving by 24 points for transparency in the latest Open Budget Survey. Nigeria recorded high mark, 84 points in enacted budget; citizens budget: 75 and executive pre-budget statement of 89 points.

Nigeria scored 26 per cent in public participation in the budget process. It came only behind Sierra Leone which scored about 31, showing that Nigeria is improving in public participation in the budgetary process. On budget oversight, Nigeria scored 61 per cent.

You May Like

ECS: NSITF Compensates 2 Beneficiaries With N23m

Tinubu Seeks Visa Waiver Deal With OECS Countries

Director-general of the Budget Office of the Federation Mr Ben Akabueze, expressed joy that Nigeria is improving in the budget transparency index, admitting that there is much room for improvement. “The total transparency score of 45 in the 2021 survey, is a significant leap from the 21 scored in the 2019 survey,” the DG said at the public official launch of the Open Budget Survey 2021 report yesterday in Abuja.

The Open Budget Survey ranks countries according to their level of accountability in national budget processes. It is the world’s only comparative, independent and regular assessment of transparency, oversight and participation in national budgets in 120 countries.

Mr Akabueze said apart from ensuring a citizen-impute-budget, the federal government has also ensured timely preparation of the budget to be in line with its budget cycle.

The DG, who said the federal government remains committed to its reform agenda, disclosed that government was currently working on its third national action plan. The ministry of finance, budget and national planning oversees the fiscal responsibilities of the government.

Senior programme officer, International Budget Partnership Sally Torbert said for it to improve on the ranking table, Nigeria should prioritise the publishing of her audit report online in a timely manner to facilitate early remedial actions by appropriate institutions. “We note that Section 49 of Nigeria ’s Fiscal Responsibility Act, 2007 recommends this report be published no later than six months following the end of the financial year,” she said.

Torbert also said to improve budget transparency, the federal government should include in the year-end report performance information and detailed actual outcomes for expenditures. “Legislative and executive arms of government should collaborate to continue the practice of issuing updated Medium Term Fiscal Frameworks, or produce a more robust Mid-Year Review document, that includes revised projections of revenues and spending.

“Actively engage with vulnerable and underrepresented communities, directly or through civil society organizations representing them. The legislative committees examining the executive’ s Budget Proposal should publish reports with their analysis online. In practice, ensure the legislature is consulted before the executive spends any unanticipated revenue or reduces spending due to revenue shortfalls,” the International Budget Partnership said.

ShareTweetShare
Previous Post

How We Recovered $386m Through Whistleblowing Policy – Buhari

Next Post

Stock Market Rebounds, Capitalisation Increases By N180bn

ANOTHER GOOD READ

ECS: NSITF Compensates 2 Beneficiaries With N23m
News

ECS: NSITF Compensates 2 Beneficiaries With N23m

2 days ago
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy
News

Tinubu Seeks Visa Waiver Deal With OECS Countries

2 days ago
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist
News

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

3 days ago
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   
News

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

3 days ago
KEDCO To Commission  N1.1bn Dawanau Network Expansion Project
News

KEDCO To Commission N1.1bn Dawanau Network Expansion Project

3 days ago
Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia
News

Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia

3 days ago
Next Post
Stock Market Rebounds, Capitalisation Increases By N180bn

Stock Market Rebounds, Capitalisation Increases By N180bn

Most Recent

ECS: NSITF Compensates 2 Beneficiaries With N23m

ECS: NSITF Compensates 2 Beneficiaries With N23m

July 1, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Tinubu Seeks Visa Waiver Deal With OECS Countries

July 1, 2025
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

June 30, 2025
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

June 30, 2025
17 States Confirm Plans To Host Olympic Day

17 States Confirm Plans To Host Olympic Day

June 30, 2025
NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

June 30, 2025
We Are Ready To Host CAA U18/U20 Championships – LOC

We Are Ready To Host CAA U18/U20 Championships – LOC

June 30, 2025
PFL  Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

PFL Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

June 30, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy