Call for Transparency and Accountability in Nigeria’s Debt Management: Stakeholders Demand Openness and Responsible Fiscal Practices
Stakeholders Demand Transparency in Nigeria’s Debt Management
A call for openness and accountability in Nigeria’s debt affairs has been made by stakeholders in fiscal management. A panel of experts recently gathered at a National Policy Dialogue on Fiscal Reforms and Debt Management to discuss responsible debt management and transparency in the country’s financial dealings.
The panel, which included representatives from the executive, the national assembly, and the Debt Management Office (DMO), emphasized the need for increased transparency and accountability in borrowing and debt management practices. Key resolutions from the discussion included the Executive publicly announcing intentions to borrow funds, the National Assembly conducting public hearings on proposed borrowings, and the DMO regularly updating and providing detailed debt data on its website.
Eze Onyekpere, Lead Director at the Centre for Social Justice, highlighted the disconnect between Nigeria’s monetary, fiscal, trade, and industrial policies, stressing the importance of synchronized policy implementation. He also raised concerns about the impact of borrowed funds on infrastructure and business conditions, noting that Nigeria’s debt has not effectively improved these areas as expected.
Chris Uwadoka, representing the Fiscal Responsibility Commission, emphasized the need for robust fiscal policies and enhanced enforcement powers to ensure compliance with transparency and accountability measures. Olusegun Elemo praised the role of civil society in promoting good governance and urged continued engagement with labor unions to hold the government accountable.
The Growth Initiatives for Fiscal Transparency (GIFT) project, supported by the United States Agency for International Development (USAID), aims to amend the Fiscal Responsibility Act of 2007 to increase transparency and accountability in public finance. The project seeks to promote the prudent use of public resources and reduce opacity in Nigeria’s financial management practices.
Overall, stakeholders are calling for greater transparency and accountability in Nigeria’s debt affairs to ensure that borrowed funds are effectively utilized to benefit the economy and improve the lives of citizens.