World Bank commends Nigeria’s financial reforms

The World Bank has commended reforms initiated by the State and Local Governance Reforms Project (SLOGOR) in public financial management.

It said the reforms have started yielding positive results in the participating states of the project.

The bank’s Project Task Team Leader, Mr Ikechukwu Nweje, made the disclosure at a 3-day SLOGOR Retreat with the theme ‘Assessing the Implementation of the PFM Reforms At the Sub-National Levels of GovernmentFocus On The SLOGOR States’ holding in Enugu, a statement by the SLOGOR project communication officer, Ebenezer Ajewole, said.

Nweje said there has been significant progress in some critical areas of Public Financial Reforms like adoption of the new National Chart of Accounts by all the six participating states of the project, strengthening of tax authorities, increased IGR of states, increased tax payers base, improved budget laws, strengthening external audit and financial reporting.

He also noted that despite the achievements recorded so far in PFM in the SLOGOR states, issues of obsolete financial laws still remain a problem for a robust, dynamic, and progressive 21st Century Financial System meant for better revenue collection and management in Nigeria.

While stating that there is need for more awareness on recent financial governance laws to ensure that executors and state chief executives respect and improve transparency and accountability in Public Financial Management, he also noted that the level of implementation of the project which stands at 43 percent, with 17 months left to wrap up, can be improved on with strong commitment and dedication.

The Permanent Secretary, Federal Ministry of Finance, Alhaji Mohammed Isa-Dutse, who was represented by Mrs. Uzor Okoye, said his ministry has the responsibility to ensure that the implementing agencies not only effectively utilized the resources, but that the country derived the maximum benefits from them.