The Nigeria Governors’ Forum has attributed the worsening insecurity in the country to the nation’s currency depreciation which is adversely affecting the business environment, productivity and taxable income.
The NGF Director General, Asishana Okauru disclosed this at a workshop in Abuja organised for members of Finance Correspondents Association of Nigeria, FICAN by the States’ Fiscal Transparency Accountability and Sustainability Programme Coordination Unit of the Federal Ministry of Finance, Budget and National Planning.
Represented by the Senior Programme Manager, NGF/SFTAS, Lanre Ajogbasile, the NGF Director General said the adverse fiscal pressure is due to over dependence by states on Federation Accounts Allocation Committee (FAAC) transfers which are constantly threatened by the increasing volatility in oil prices and mounting subsidy payments.
Earlier, the Minister of Finance, Budget and National Planning, Zainab Ahmed, represented by the National Programme Coordinator, States’ Fiscal Transparency Accountability and Sustainability, Stephen Okon, said the project is aimed at enhancing the monitoring of fiscal risks as well as facilitate accountability in public resource management by blocking leakages, corruption and misuse of scarce resources.
The Director General, Debt Management Office and some facilitators spoke on how to salvage the economy.
The States Fiscal Transparency, Accountability and Sustainability Programe is presently fully operational across the states of the Federation.
