IMF Official Commends Nigeria’s Budget Process

L-R: International Finance Corporation ( IFC) Country Manager for Nigeria, Mr Solomon Adegbie-Quaynor, Chief Executive Officer, Grooming Centre, Dr Godwin Nwabunike and Executive Director, Mr Adesoji Tayo, during the signing of an agreement between IFC and Grooming Centre in Lagos, last Monday. Photo: NAN

Senior Resident Representative of the International Monetary Fund (IMF) in Nigeria, Mr Gene Leon, has commended Nigeria’s budgeting process, saying it has reached an advanced stage.
He made the commendation on Monday in Abuja at the Public Presentation of the 2014 Federal Budget by Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister of the Economy.
Leon said that the major challenge of every national budget was the competing needs and limited finances.
He stressed the need for the national budget to tackle important sectors that would drive the nation’s economic growth and development.
He also harped on the need for those charged with implementing the budget to maintain fiscal stability and long term sustainability of projects.
He said that the budget should also be implemented to boost production and improve social infrastructure.
The IMF official commended the nation’s fiscal authority for introducing various accounting system, especially the single accounting system.
He urged them to ensure effective public financial management, macro-economic stability and fiscal prudence in the proposed expenditure framework.
“Effective public financial management is necessary to ensure investments that will bring value for money and curtail fiscal risk,” Leon said.