{"id":685054,"date":"2019-08-19T05:28:21","date_gmt":"2019-08-19T05:28:21","guid":{"rendered":"<br><div>\n\n<p class=\"story-body-text\" data-para-word-count=\"14\">The U.S. has classified the Nigerian government among those that are not fiscally transparent.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"38\">The classification, contained in a repo"},"modified":"2019-08-19T05:28:21","modified_gmt":"2019-08-19T05:28:21","slug":"nigerian-govt-not-fiscally-transparent-says-u-s","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/19\/nigerian-govt-not-fiscally-transparent-says-u-s\/","title":{"rendered":"Nigerian Govt Not Fiscally Transparent, Says U.S."},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"story-body-text\" data-para-word-count=\"14\">The U.S. has classified the Nigerian government among those that are not fiscally transparent.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"38\">The classification, contained in a report released Thursday by the U.S Department Of State, means Nigeria&#8217;s budgeting process, including its contracting and licensing processes in the extractive industry, did not meet the standards required of the American government.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"15\">The report, called the 2019 Fiscal Transparency Report, covers January 1 to December 31, 2018.<\/p>\n<p><!--\/.outer-ad-container.responsive-aans-view-a-container--><\/p>\n<p class=\"story-body-text\" data-para-word-count=\"13\">It assessed the fiscal transparency of 141 national governments that receive U.S assistance.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"29\">Seventy-four of the 141 governments met the minimum requirements of fiscal transparency, while 13 of the 67 that fell short of the standards made &#8220;significant progress&#8221;, the report said.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"21\">Nigeria is neither among the 74 that met the minimum requirements nor among the 13 adjudged to have made significant progress.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"14\">Some of the African countries classified alongside Nigeria are Egypt, Ethiopia, and the Gambia.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"28\">Gabon, Chad, Equatorial Guinea, Togo, Tanzania, Sudan, South Sudan, Niger, Mozambique, Mali, Lesotho, and Cameroon are also among the African countries whose governments failed the U.S transparency assessment.<\/p>\n<p><!--\/.outer-ad-container.responsive-aans-view-b-container--><\/p>\n<p class=\"story-body-text\" data-para-word-count=\"19\">China, Saudi Arabia, Iraq, Lebanon, and Ukraine are among non-African countries that failed to meet the American government requirements.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"46\">&#8220;During the review period, the government made its executive budget proposal, enacted budget, and end-of-year report accessible to the general public, including online. The executive budget proposal and the enacted budget, however, were not published within a reasonable period of time,&#8221; the report said of Nigeria.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"45\">&#8220;Information on debt obligations was publicly available. Budget documents provided detailed estimates for revenue and expenditure but did not include allocations to and earnings from state-owned enterprises. The Nigerian National Petroleum Corporation did not have fully audited financial reports that were available to the public.<\/p>\n<p><!--\/.outer-ad-container.responsive-aans-view-c-container--><\/p>\n<p class=\"story-body-text\" data-para-word-count=\"30\">&#8220;The government maintained off-budget accounts not subject to adequate oversight or audit. Due to oil price fluctuations, actual revenues and expenditures varied significantly from estimated figures making budget documents unreliable.&#8221;<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"16\">The report said, for Nigeria&#8217;s fiscal transparency to improve, the government must take the following actions:<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"14\">Publishing its executive budget proposal and enacted budget within a reasonable period of time.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"8\">Detailing allocations to and earnings from state-owned enterprises.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"27\">Improving the reliability of budget documents by producing and publishing a supplemental budget when actual revenues and expenditures do not correspond to those in the enacted budget.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"11\">Making full audit reports for significant, large state-owned enterprises publicly available.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"16\">Subjecting off-budget accounts to adequate audit and oversight and making information on such accounts publicly available.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"18\">The U.S. said the report did not assess corruption, but that lack of fiscal transparency could encourage corruption.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"50\">&#8220;A finding that a government &#8216;does not meet the minimum requirements of fiscal transparency&#8217; does not necessarily mean there is significant corruption in the government. Similarly, a finding that a government &#8216;meets the minimum requirements of fiscal transparency&#8217; does not necessarily reflect a low level of corruption,&#8221; the report said.<\/p>\n<p class=\"story-body-text\" data-para-word-count=\"16\">The U.S said the report was done with inputs from international organisations and civil society organisations.<\/p>\n<p><!--\/.story-footer-link--><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. has classified the Nigerian government among those that are not fiscally transparent. The classification, contained in a report released Thursday by the U.S Department Of State, means Nigeria&#8217;s budgeting process, including its contracting and licensing processes in the extractive industry, did not meet the standards required of the American government. The report, called [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":683802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3702],"tags":[],"class_list":["post-685054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigerian Govt Not Fiscally Transparent, Says U.S. - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/19\/nigerian-govt-not-fiscally-transparent-says-u-s\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nigerian Govt Not Fiscally Transparent, Says U.S. - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The U.S. has classified the Nigerian government among those that are not fiscally transparent. 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