FG Pledges Transparent Spending of IMF’s $3.4bn Emergency Support

3
Godwin Emefiele
Godwin Emefiele

The federal government has promised to judiciously utilise the $3.4 billion approved for the country on Tuesday by the International Monetary Fund (IMF).

Specifically, the government said it would create specific budget lines to facilitate the tracking and reporting of emergency response expenditures and report funds released and expenditures incurred monthly on the transparency.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, and the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, gave the assurance in a letter they jointly signed dated April 21, that was written to the International Monetary Fund.

Part of the letter stated: “Our anti-corruption efforts will continue unabated. We will strengthen the role of the Federal Audit Board in combating corruption and are committed to strengthening the asset declaration framework and fully implementing the risk-based approach to AML/CFT supervision while ensuring the transparency of beneficial ownership of legal persons.

“We fully recognise the importance of ensuring that financial assistance received is used for intended purposes. To that end, we will create specific budget lines to facilitate the tracking and reporting of emergency response expenditures and report funds released and expenditures incurred monthly on the transparency portal; publish procurement plans, procurement notices for all the emergency response activities—including the name of awarded companies and of beneficial owners—on the Bureau of Public procurement website; and publish no later than three to six months after the end of the fiscal year the report of an independent audit into the emergency response expenditures and related procurement process, which will be conducted by the Auditor General of the Federation—who will be provided the resources necessary and will consult with external/third party auditors.”