FG Move to Fix Nigeria’s Fiscal Data Discrepancies

By Adedapo Adesanya

The federal government is looking to remedy discrepancies in fiscal data across government institutions, which have affected Nigeria’s credit ratings and borrowing capacity.

This came as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spearheaded a high-level Fiscal Data Harmonisation Meeting (FDHM).

The meeting was part of a bold move to revolutionize Nigeria’s economic landscape, marking a significant milestone in the country’s quest for economic stability and transparency.

The meeting which was held in his office in Abuja, brought together key stakeholders, including the Honourable Minister of State for Finance, Mrs Doris Uzoka-Anite; the Accountant General of the Federation, Mr Shamsedeen Babatunde Ogunjimi; and the Director General of the Budget Office, Mr Tanimu Yakubu.

Mr Edun emphasised the need for synergy between agencies such as the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO).

“Delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence,” he stated.

According to a statement, attendees agreed on the establishment of a Fiscal Data Coordination Framework, which includes a main committee, a subcommittee, and technical teams dedicated to standardising fiscal reporting methodologies and economic assumptions.

Mr Edun reaffirmed that Nigeria must take ownership of its fiscal data credibility, reducing dependence on external institutions.

The meeting concluded with a firm commitment to implementing the framework, reinforcing transparency, strengthening investor confidence, and enhancing Nigeria’s economic outlook.