The Federal government has approved the Financial Transparency Policy that requires the Publication of Public Financial information through the Open Treasury Portal.
TVC News reliably gathered that billions of naira are lost in the public sector every year due to fraudulent means, the launch of the treasury portal will oversee the summary of inflows and outflows of agencies and government institutions.
Correspondent Habidah Lawal reports that the Nigerian society is filled with Stories of wrong practices such as Stories of ghost workers on the payroll of ministries, and budget misappropriation.
After the integration of the Treasury Single Account in 2015, the Nigerian government through the ministry of Finance, Budget and National Planning introduced the Financial Transparency policy and implementation guidelines.
It is expected to help the Nigerians be better informed of budget performances.
Ministries, departments and agencies are expected to publish monthly budget performances within 7 days of the end of the month.
The fiscal performance of the federation including receipts from all collection agencies and payments out of the federation account will also be published within 14 days of the end of the month.
This policy also applies to Non – budget based Ministries, Departments and agencies and all arms of government.