Nigeria : Country Financial Accountability Assessment

[摘要] The Federal Government of Nigeriaretains the vestiges of good systems for planning,budgeting, managing and controlling public resources. Buttheir performance has deteriorated to such an extent thatthey provide negligible assurance that moneys are usedentirely for their intended purpose. The same is true at thestate level. To return to an acceptable level of financialaccountability will require sustained action over severalyears. In the interim, risks of waste, diversion and misuseof funds are assessed as high. This has clear implicationsfor both Government and the Bank: the former needs toimprove financial accountability along the lines outlined inthis report; and the latter needs to support this processand in the meantime to build explicit risk minimizationactions into all its Nigerian operations. Among therecommendations presented for the public sector are toaddress: the calculation, control, management, protection,reporting and disclosure of national oil revenues; theadequacy of procedures for drawing money from theConsolidated Revenue Fund and for ensuring that transactionson accounts held at the Central Bank are properlyauthorized, managed and audited; the legal provisionsrequiring the public disclosure of assets and other valuableinterests of public officials and politicians and therecovery of public sector assets illegally acquired;implementation and enforcement of the Anti-Corruption Act;and the legal provisions and enforcement arrangements forcombating money laundering including the adequacy of centralbank controls over commercial banks. Among therecommendations made to improve private sector participationare to: conduct a review of corporate governance and privatesector financial accountability along the lines of the KingCommittee in South Africa; update the Companies and AlliedMatters Act so that it reflects such principles andstrengthens company audit; accelerate the issuance ofaccounting standards in areas where there are none atpresent but are available under International AccountingStandards (IASs) promulgated by the International AccountingStandards Committee (IASC); establish monitoring andenforcement mechanisms to ensure that all listed companiescomply with national and IASs. In this regard, there is needto sufficiently strengthen the NASB's technical andprofessional capabilities; and ensure that the proceduresfor filing company information and providing public accessto it are adequate.

[发布日期] 2000-09-06 [发布机构] Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] ACCOUNTABILITY;ACCOUNTANTS;ACCOUNTING;ACCOUNTING RECORDS;ACCOUNTING SYSTEMS