Home Country Actions INSPIRING COUNTRY ACTIONS: THE FINANCIAL TRANSPARENCY POLICY

INSPIRING COUNTRY ACTIONS: THE FINANCIAL TRANSPARENCY POLICY

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President Muhammadu Buhari

As part of our ongoing Rebrand Nigeria Campaign, we hereby announce the launch of a new project called “Inspiring Country Actions”.

Through this segment, we shall capture and report to you all the efforts of the President Muhammadu Buhari’s administration in changing the ugly narratives about our country, Nigeria.

This has become imperative following the fact that President and his team are at the forefront of this change that we desire.

So, today, we are glad to report the Financial Transparency Policy of the Government, which has received wide commendations from both Nigerians and the international community.

Following the approval of the Financial Transparency Policy by President Muhammadu Buhari on Monday, December 9, 2019, the Nigerian government once again declared its readiness to entrench transparency and accountability in the management of its resources. 

Through this new policy, the Accountant General of the Federation (AGF) and all Accounting Officers of the Federal Government of Nigeria are mandated to publish daily reports of payments of at least ten million naira (N10,000,000) while all MDAs (Ministries, Departments, Agencies) must publish payments above five million naira (N5,000,000) made from all public funds under their custody.

The Policy also directs that all MDAs must publish:

  • Monthly budget performance reports, which must be ready within 7 days after the end of each month, and
  • Monthly fiscal accounts detailing fiscal performance of the Nigerian government within 14 days after the end of each month.

The policy also requires the Accountant General of the Federation (AGF) and all Accounting Officers of MDAs to publish Quarterly and Financial Statements for the Nigerian government as a whole and for their individual MDAs, respectively using the International Public Sector Accounting Standards (IPSAS).

By this new development, President Buhari has once again demonstrated his commitment to the fight against corruption at all levels. You may recall that corruption is one of the reasons for the negative perception foreigners have about the Nigerian government and our people.

Therefore, tackling the hydra-headed monster called corruption by introducing this policy is a Rebrand Nigeria Strategy from President Muhammadu Buhari.

At the Ugwumba Center for Leadership Development in Africa, we commend the government for this bold step and hope to see more of these inspiring country actions in the future.

#NigeriaMustBeBetter

Join the #RebrandNigeriaCampaign now by reporting good news from Nigeria using the above hashtags.

This campaign is powered by the #UgwumbaLeadershipCenter. For more information, please, visit www.rebrandnigeria.org

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