In a groundbreaking move towards transparency, the Federal Government has for the first time disclosed the 2024 budgets of its 63 government-owned enterprises ,GOEs.
This significant step aims to increase scrutiny, offering the public a detailed view of income and expenditure profiles of these entities.
President Bola Tinubu signed the N28.78 trillion 2024 Appropriation Act on Monday, accompanied by a stern warning to ministers and GOEs against hindering effective budget implementation, emphasizing that those impeding progress will face removal.
Civil societies, anti-corruption groups, and citizens’ rights advocates have lauded this decision as an “unprecedented” move toward increased transparency and accountability. The 2024 budget, amounting to N28.78 trillion, includes allocations for statutory transfers, recurrent expenditure, capital expenditure, and debt service.
READ ALSO : Tinubu warns non-performing aides, signs N28.78 trillion 2024 budget
Notably, the budget assumptions incorporate an exchange rate of N800 per dollar, daily oil production of 1.78mbpd, a $77.96 oil benchmark price, and a GDP growth rate of 3.88%.
BudgIT, a prominent civic-tech organization, hailed the government’s transparency initiative, noting that it responds to public demand for insights into the budgets of major agencies and enterprises. Spokesperson Nancy Odimegwu commended the move, emphasizing its importance in spotlighting revenue-generating entities.
The disclosed GOEs span crucial sectors such as ports, airports, financial services, export processing, Customs, immigration, standards and drug regulations, communications, railways, oil and gas, education, and corporate regulation. Some prominent entities include the Federal Inland Revenue Service, FIRS, Nigerian Ports Authority, NPA, Nigerian Communication Commission, NCC, and others.
This move toward transparency is expected to put considerable pressure on GOEs to enhance operational efficiency and address financial leakages. It marks a commitment to open governance and accountability, with the possibility of further reforms in GOEs during the year.
As citizens anticipate comprehensive details of the 2024 Approved Budget, the Federal Ministry of Budget and National Planning and the Budget Office of the Federation are encouraged to continue their efforts to ensure transparency in the use and allocation of government resources.
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