US Department of states indicts Nigeria over lack of financial transparency

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Donald Trump

The United States Department of State has said that Nigeria made no significant progress in fiscal transparency.

Fiscal transparency refers to the publication of information on how governments raise, spend, and manage public resources.

More specifically, it means publication of high quality information on how governments raise taxes, borrow, spend, invest, and manage public assets and liabilities.

This was the submission of the U.S. Department of State 2019 Fiscal Transparency Report spanning January 1 – December 31, 2018.

The report describes the minimum requirements of fiscal transparency developed, updated, and strengthened by the Department in consultation with other relevant federal agencies.

It reviews governments that were originally identified in the 2014 Fiscal Transparency Report, and assesses those that did not meet the minimum fiscal transparency requirements and indicates whether those governments made significant progress toward meeting the requirements during the review period of January 1 – December 31, 2018.

The American Government undertakes annual reviews of the fiscal transparency of governments that receive U.S. assistance.