• Friday, July 19, 2024
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New financial transparency policy to deepen fight against corruption- Buhari

financial transparency

President Buhari on Monday launched the financial transparency policy and open treasury portal to deepen fight against corruption in Nigeria.

According to the president, the policy is in furtherance of his commitment to improving governance and his presidential mandate to facilitate the fight against corruption.

“In facilitating the fight against corruption, it is crucial that transparency is not only encouraged but also enforced at all levels. In order to demonstrate transparency and accountability to the public and its cooperating partners and build trust in government”.

Tayo Alasoadura, Minister of state for Niger Delta Affairs representing the President at the launch of the federal government financial transparent policy in Abuja, said that the policy is aimed at enabling timely availability of financial information to the civil society organization and the public at large by all MDAs of the federal government”.

He explained that policy requires the office of the Accountant general of the federation and all MDAs to publish the daily treasury statement, daily payments report, and monthly budget performance reports within 7 days of the end of the month, quarterly financial statements by MDAs.

He said “The financial transparency policy publication requirements and transparency thresholds includes; audited financial statement for the federal government and all public sector entities within a month or the end of the first quarter of the following year”.

“The policy applies to all MDAs including non-budget based MDAs and all arms of government”.

Mohammed Tahir Monguno, Chief Whip, in his remark said that the importance of the policy cannot be overemphasized as it seeks to address the issue of corruption especially among government officials.

Monguno who represented the Femi Gbajabiamila, Speaker of the House of Representatives said that there is need for collaboration between the executive and the legislative arms of government to ensure effective implementation and transformation of policies into laws.

“There is need for collaboration between the executive and the legislative to avoid policy somersault, and promote sustainability”.

Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, said that the policy seeks to empower citizens to hold government accountable in the management of funds as well ensure government’s compliance to global best practices.

“This is another milestone in the quest of this administration to promote accountability, transparency and eliminate financial leakages across board”.

The minster speaking further said that timeline of 3 months has been set by the government to ensure full implementation of the policy by all MDAs adding that transparency is a critical tool in the fight against corruption.


Cynthia Egboboh, Abuja.