The Finances Workplace of the Federation has assured Nigerians and stakeholders of its dedication to transparency, accountability, and well timed disclosure in fiscal reporting, following considerations over the delayed launch of Finances Implementation Reviews (BIRs).
In an announcement issued on Friday, the Workplace defined that the delay in publishing BIRs because the second quarter of 2024 was resulting from intensive verification and reconciliation processes and Nigeria’s transition to an prolonged fiscal framework. It stated the adjustment was essential to keep away from conflicting datasets and guarantee fiscal studies maintained accuracy and credibility.
The Fiscal Accountability Act (FRA) requires the price range workplace to publish quarterly BIRs. The price range workplace urged stakeholders to see the non permanent delay not as backsliding, “however as a mirrored image of the care taken to make sure accuracy, coherence, and credibility in Nigeria’s fiscal reporting throughout an distinctive price range cycle.”
In response to the price range workplace, verification missions to trace expenditure and tasks nationwide and reconciliations with implementing companies took longer than anticipated, given the dimensions and geographic unfold of appropriated tasks.
It added that issuing studies based mostly on the previous price range cycle would have created inconsistencies, as coverage discussions have been already pointing towards a lengthened price range horizon.
To deal with the considerations, the price range workplace introduced {that a} full-year 2024 Finances Efficiency Report shall be revealed by the tip of September 2025.
The discharge will accompany consolidated studies for the primary and second quarters of 2025, after which quarterly publications will resume on schedule starting within the third quarter of 2025.
“The Finances Workplace is enhancing monitoring methods, deepening collaboration with Ministries, Departments and Companies (MDAs), and increasing digital integration of expenditure and challenge information to make sure future studies are well timed and of the best integrity,” it added.
The workplace additional reaffirmed the Federal Authorities’s resolve to uphold Nigeria’s credibility with residents, markets, and growth companions by publishing credible and correct fiscal information, restoring predictability in price range implementation, and anchoring the method firmly on the January–December cycle.
