Stakeholders Call for Transparency in Nigeria’s Debt Management
In recent times, stakeholders in fiscal management have been clamoring for more transparency and openness in the country’s debt affairs. A panel of experts recently gathered at a National Policy Dialogue on Fiscal Reforms and Debt Management to discuss the pressing need for responsible debt management and accountability from key players such as the executive, the national assembly, and the Debt Management Office (DMO).
The panelists, including prominent figures like Eze Onyekpere, Olusegun Elemo, and Chris Uwadoka, emphasized the importance of public announcements by the Executive before borrowing funds, public hearings by the National Assembly on proposed borrowings, and regular updates of detailed debt data by the DMO on its website. These key resolutions are aimed at fostering greater transparency and accountability in the country’s debt management practices.
Eze Onyekpere, in particular, highlighted the disconnect between Nigeria’s monetary, fiscal, trade, and industrial policies, stressing the need for synchronized policy implementation. He also raised concerns about the effectiveness of borrowed funds in improving infrastructure and business conditions in the country, calling for a more strategic approach to borrowing that positively impacts the economy.
Chris Uwadoka, representing the Fiscal Responsibility Commission, underscored the importance of robust fiscal policies and the enforcement of compliance to ensure transparency and accountability in public finance. Olusegun Elemo commended the role of civil society organizations in promoting good governance and urged them to collaborate with labor unions to hold the government accountable.
The Growth Initiatives for Fiscal Transparency (GIFT) project, supported by the United States Agency for International Development (USAID), aims to amend the Fiscal Responsibility Act of 2007 to enhance transparency, reduce opacity, and promote the prudent use of public resources. Through initiatives like these, stakeholders are working towards a more transparent and accountable fiscal management system in Nigeria.
Overall, the call for openness in the country’s debt affairs is a crucial step towards ensuring responsible debt management and fostering economic growth and development. By holding key players accountable and promoting transparency, stakeholders are paving the way for a more sustainable and prosperous future for Nigeria.
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