In a move to enhance transparency and improve economic management, the Federal Government of Nigeria has initiated a fiscal data harmonization effort to address discrepancies in financial reporting across various agencies. 

The initiative, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aims to create a more accurate and reliable fiscal database, essential for sound policymaking and investor confidence.

Speaking at a high-level Fiscal Data Harmonization Meeting in Abuja on Wednesday, Edun underscored the urgent need for standardized financial data, stating that inconsistencies have negatively impacted Nigeria’s credit ratings, borrowing capacity, and overall economic stability. 

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 major outcome of the meeting was the establishment of a Fiscal Data Coordination Framework, which will consist of a main committee, a subcommittee, and technical teams tasked with streamlining fiscal reporting processes. This framework is expected to improve data accuracy, eliminate inconsistencies, and strengthen Nigeria’s economic outlook.

Minister Edun stressed the importance of inter-agency collaboration, particularly among the Budget Office, the Accountant General’s Office, and the Debt Management Office (DMO), to ensure seamless financial reporting. He also highlighted the role of technology in improving the accuracy and timeliness of data collection, which would enhance decision-making and policy formulation.

“The government is committed to ensuring that our fiscal data is accurate, timely, and transparent, delivering accurate and comprehensive fiscal data is critical to economic stability and investor confidence.” ” Edun stated.

Nigeria has faced challenges due to inconsistent fiscal data, which has contributed to downgrades by international credit rating agencies and increased borrowing costs. The new harmonization initiative is part of the broader economic reforms under President Bola Tinubu’s administration, aimed at fostering economic growth, attracting investment, and ensuring financial discipline.

Minister Uzoka-Anite also emphasized the need for reliable fiscal data, pointing out that conflicting figures from different agencies have created confusion and hindered effective economic planning. She reaffirmed the administration’s commitment to implementing policies that promote fiscal discipline and economic resilience.

As Nigeria continues to navigate economic challenges such as rising debt, inflation, and exchange rate volatility, experts believe that a unified fiscal data system will play a crucial role in stabilizing the economy and rebuilding investor confidence.