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HomeBusiness100% capital budget released to MDAs in 2020, 2021 – FG

100% capital budget released to MDAs in 2020, 2021 – FG

The Federal Government says that 100 per cent of capital budgets was released to Ministries, Departments and Agencies, MDAs, in 2020 and 2021.

This was disclosed by the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, while reeling out Nigeria’s achievements in budget transparency in Abuja on Tuesday.

Speaking during the unveiling of Nigeria’s scorecard on the 2021 Open Budget Survey, Akabueze said Nigeria posted its best performance in the open budget survey, improving by 24 points for transparency in the latest survey.

“The total transparency score of 45 in the 2021 survey is a significant leap from the 21 scored in the 2019 survey,” he said, noting that the score was the second highest improvement worldwide.

He said the government had implemented strategic revenue initiatives to boost earnings’ growth and steer growth, noting that it had also begun open treasury plans which included full disclosure of FGN payments and enhanced social investments.

“There have been tax administration and tax compliance now, resulting in increased revenue collections. We are also amending aspects of the Fiscal Responsibility Act 2007 and enhancing fiscal efficiencies by controlling the cost-to-revenue ratios of key State and Government-Owned Enterprises.”

There have been issues around open budgeting across the world. In Nigeria, MDAs have often times lamented lack of budget releases by the government or, in some cases, approval hiccups encountered at the National Assembly.

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