FG Moves to Harmonize Fiscal Data for Economic Stability and Investor Confidence
The Federal Government of Nigeria is taking proactive steps to harmonize fiscal data across various government agencies, aiming to improve economic stability and boost investor confidence. This move was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a high-level Fiscal Data Harmonisation Meeting held in Abuja. The meeting brought together key stakeholders, including the Minister of State for Finance, Dr. Doris Uzoka-Anite, the Accountant General of the Federation, Shamsedeen Babatunde Ogunjimi, and the Director General of the Budget Office, Mr. Tanimu Yakubu, among others.
A key focus of the meeting was addressing the discrepancies in fiscal data across different government institutions, which have negatively affected Nigeria’s credit ratings and borrowing capacity. Minister Edun emphasized the importance of collaboration between the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO) to ensure accurate, timely, and consistent fiscal reporting. He stressed that reliable fiscal data is essential for fostering economic stability and investor trust.
The meeting led to the creation of a Fiscal Data Coordination Framework, which will standardize fiscal reporting methodologies and economic assumptions. The framework includes a main committee, subcommittee, and technical teams to eliminate inconsistencies in data reporting, enhance transparency, and improve Nigeria’s economic outlook. Minister Edun also highlighted the role of technology in improving the accuracy and timeliness of fiscal data, urging the use of digital tools to streamline data collection and reporting processes.
The harmonization of fiscal data comes at a critical time for Nigeria, as the country faces economic challenges such as rising debt, inflation, and foreign exchange volatility. Accurate fiscal data is crucial in addressing these issues and ensuring effective policymaking. Moreover, the discrepancies in fiscal data have contributed to downgrades by international credit rating agencies, increasing the cost of borrowing for the country. The government remains committed to creating policies that promote investment and economic prosperity for Nigerians.