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Economic & Sector Work :: Country Financial Accountability Assessment

Nigeria : Country Financial Accountability Assessment

ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING RECORDS ACCOUNTING SYSTEMS ACCOUNTS ACCRUALS ANTI-CORRUPTION APPROPRIATIONS ATTESTATION AUDIT REPORTS AUDITING STANDARDS AUDITORS AUDITS AUTHORITY AUTHORIZATION BANK ACCOUNTS BILLS BUDGET CONTROL BUDGET DEFICIT BUDGET EXPENDITURES BUDGET FORMULATION BUDGET IMPLEMENTATION BUDGET PROCESS BUDGET REFORM BUDGETARY RESOURCES BUDGETING CAPITAL BUDGETS CAPITAL PROJECTS CASH MANAGEMENT CENTRAL AGENCIES CHECKING CIVIL SERVICE COMMERCIAL BANKS COMMERCIAL ENTERPRISES CONSTITUTION CONSTITUTIONAL ARRANGEMENTS CONTRACTORS CORPORATE GOVERNANCE CORRUPTION DEBT DEBT MANAGEMENT DECREE DEFICITS DEMOCRACY DEMOCRATIC REGIME DEPOSIT INSURANCE DISCLOSURE EMPLOYMENT ENACTMENT ENFORCEMENT MECHANISM EXPENDITURE EXPENDITURE EXPENDITURE EXPENDITURE MANAGEMENT FEDERAL GOVERNMENT FINANCIAL ACCOUNTABILITY FINANCIAL CONTROL FINANCIAL DISCIPLINE FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REGULATIONS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FISCAL FISCAL DISCIPLINE FISCAL TRANSPARENCY FISCAL YEAR GOVERNMENT ACCOUNTING GOVERNMENT AGENCY GOVERNMENT AUDITING GOVERNMENT DEPARTMENTS GOVERNMENT FINANCE GOVERNMENT MINISTRIES GOVERNMENT OFFICIALS GOVERNMENT POLICIES GOVERNMENT'S PRIVATIZATION PROGRAM HARD BUDGET CONSTRAINTS HOUSING INSTITUTIONAL FRAMEWORK INSTITUTIONAL WEAKNESSES INSURANCE INTERNAL AUDIT INTERNAL AUDITORS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE LACK OF TRANSPARENCY LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LEGISLATORS LEGISLATURE LEGISLATURES LIQUIDATION MARKETING MINISTRY OF FINANCE OPERATING EXPENSES PARASTATALS PLANNING RESEARCH POLITICAL INTERFERENCE POLITICIANS PRESIDENCY PRIVATE SECTOR PRIVATIZATION PUBLIC ACCOUNTABILITY PUBLIC CONTRACTS PUBLIC DISCLOSURE PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FUNDS PUBLIC OFFICIALS PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVANTS PUBLIC SERVICE PURCHASING REGULATORY REGIMES REPORTING RETIREMENT REVENUE MANAGEMENT SENATE TAX TAX PAYMENTS TELECOMMUNICATIONS VETO WAGES FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT BUDGETING BUDGET CONTROL ACCOUNTING SYSTEMS RISK MANAGEMENT POLITICAL LEADERSHIP ENFORCEMENT POWERS CIVIL SERVICE REFORMS FINANCIAL CONTROL CORRUPTION BUDGET PROCESS PUBLIC RESOURCES MANAGEMENT RECORDS MANAGEMENT PUBLIC ACCOUNTING LEGISLATIVE FRAMEWORK PUBLIC ADMINISTRATION AUTOMATION JUDICIAL PROCESS GOVERNANCE PRIVATE SECTOR PARTICIPATION INSTITUTION BUILDING CORPORATE GOVERNANCE FINANCIAL SERVICES EXPERTISE REGULATORY ENVIRONMENTS INVESTMENT ENVIRONMENT ACCOUNTING STANDARDS INTERNATIONAL STANDARDS PUBLIC DISCLOSURE
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Washington, DC
Africa | Nigeria
2013-07-23T20:40:08Z | 2013-07-23T20:40:08Z | 2000-09-06

The Federal Government of Nigeria retains the vestiges of good systems for planning, budgeting, managing and controlling public resources. But their performance has deteriorated to such an extent that they provide negligible assurance that moneys are used entirely for their intended purpose. The same is true at the state level. To return to an acceptable level of financial accountability will require sustained action over several years. In the interim, risks of waste, diversion and misuse of funds are assessed as high. This has clear implications for both Government and the Bank: the former needs to improve financial accountability along the lines outlined in this report; and the latter needs to support this process and in the meantime to build explicit risk minimization actions into all its Nigerian operations. Among the recommendations presented for the public sector are to address: the calculation, control, management, protection, reporting and disclosure of national oil revenues; the adequacy of procedures for drawing money from the Consolidated Revenue Fund and for ensuring that transactions on accounts held at the Central Bank are properly authorized, managed and audited; the legal provisions requiring the public disclosure of assets and other valuable interests of public officials and politicians and the recovery of public sector assets illegally acquired; implementation and enforcement of the Anti-Corruption Act; and the legal provisions and enforcement arrangements for combating money laundering including the adequacy of central bank controls over commercial banks. Among the recommendations made to improve private sector participation are to: conduct a review of corporate governance and private sector financial accountability along the lines of the King Committee in South Africa; update the Companies and Allied Matters Act so that it reflects such principles and strengthens company audit; accelerate the issuance of accounting standards in areas where there are none at present but are available under International Accounting Standards (IASs) promulgated by the International Accounting Standards Committee (IASC); establish monitoring and enforcement mechanisms to ensure that all listed companies comply with national and IASs. In this regard, there is need to sufficiently strengthen the NASB's technical and professional capabilities; and ensure that the procedures for filing company information and providing public access to it are adequate.

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