Fed Govt Moves to Unify Fiscal Data for Economic Stability
By Patience Ikpeme
The Federal Government has begun a process to standardize fiscal data across all government agencies.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened a high-level Fiscal Data Harmonisation Meeting (FDHM) to address this initiative, aimed at improving economic stability and transparency.
The meeting, held at the Minister’s office in Abuja, included key officials such as 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.
Participants at the meeting agreed to establish a Fiscal Data Coordination Framework. This framework will consist of a main committee, a subcommittee, and technical teams tasked with standardizing fiscal reporting methodologies and economic assumptions.
Discussions during the meeting centered on the inconsistencies found in fiscal data from various government institutions. These discrepancies have negatively impacted Nigeria’s credit ratings and borrowing capacity.
Wale Edun spoke of the importance of collaboration among agencies like 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,” Mr. Edun stated.
He also noted that Nigeria must take responsibility for the credibility of its fiscal data, reducing reliance on external evaluations.
The meeting concluded with an agreement to implement the coordination framework, with the goal of improving transparency, increasing investor confidence, and strengthening Nigeria’s economic prospects.
A statement from the ministry said, “As Nigeria embarks on this transformative journey, one thing is clear: accurate and reliable fiscal data will be the cornerstone of the country’s economic resurgence.”
