The Federal Government has taken steps to address discrepancies in fiscal data across its institutions as part of efforts to strengthen economic management and improve transparency.
The move is intended to boost investor confidence and enhance the country’s financial credibility.
To this end, the government has initiated a plan to harmonise fiscal data nationwide.
At the centre of this initiative is Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who convened a high-level Fiscal Data Harmonisation Meeting (FDHM) in Abuja.
The meeting was attended by key government officials, including the Minister of State for Finance, Dr. Doris Uzoka-Anite; the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr. Tanimu Yakubu.
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One of the major outcomes of the meeting was the agreement to establish a comprehensive Fiscal Data Coordination Framework. This framework will include a main committee, a subcommittee, and technical teams charged with the responsibility of standardising fiscal reporting methodologies and aligning economic assumptions used across government agencies.
According to a statement by the Ministry of Finance, discussions during the meeting centred on the existing inconsistencies in fiscal data reporting among various government bodies.
These discrepancies, the statement said, have had an adverse impact on Nigeria’s credit ratings and its ability to access international borrowing opportunities on favourable terms.
Edun stressed the importance of ensuring coordination among agencies such as the Budget Office, the Office of the Accountant General of the Federation, and the Debt Management Office (DMO), in order to deliver consistent and reliable fiscal data.
“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” Edun said, adding that Nigeria must take control of its fiscal data management and reduce reliance on external institutions for the validation of its financial information.
He noted that ensuring the credibility of fiscal data will not only support the country’s macroeconomic goals but also enhance its standing among global investors and financial institutions.
At the conclusion of the meeting, participants committed to swiftly implementing the newly agreed framework. The goal, according to the Ministry’s statement, is to promote transparency, bolster investor confidence, and improve Nigeria’s overall economic outlook.
“As Nigeria embarks on this transformative journey, one thing is clear: accurate and reliable fiscal data will be the cornerstone of the country’s economic resurgence,” the statement concluded.
The harmonisation of fiscal data is expected to address long-standing concerns over the accuracy and consistency of economic indicators used in policy planning, budget execution, and debt management, thereby supporting Nigeria’s broader economic reform agenda.
