The federal government has revealed that the implementation of capital projects across the country is significantly higher than figures often reported in the public domain.
It promised to launch a more transparent reporting system that will enable Nigerians to track budget performance in real time.
The government also disclosed that President Bola Tinubu had directed the harmonisation of federal projects to improve transparency, coordination and public accountability.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this during a panel session titled Reforms in Focus: The Milestones, the Challenges, the Prospects, at the fifth Nigeria Employers’ Summit in Abuja.
The minister admitted that the government could do better in budget implementation but maintained that the narrative around poor execution of capital projects did not fully reflect reality.
“On public finance and budget implementation, especially capital projects, I would agree that we can do much better with our budget, including what we budget for and how we implement it.
“But I can also tell you that budget implementation is far better than what you see and what you hear. Take capital budget implementation, for example. Some of it is not properly reported.
“You see, some of the execution of capital projects is done at the agency level. Some of them are landmark and legacy projects, and because of the nature of these projects, the reporting does not come in immediately.”
According to him, the delay in reporting has created a gap between actual project implementation and public perception. He said the Ministry of Finance was already working on a system that would provide a clearer and more transparent picture of government spending and project execution.
“Part of the work we are doing at the Ministry of Finance is to provide this reporting in a way that is clear and transparent. Very soon, you will find that the information will be readily available simply by going to the Ministry of Finance website.
“You will see that the percentage of implementation of capital projects is much higher than what you read in the newspapers,” he stated.
Mr Oyedele further disclosed that the government was working with the Ministry of Budget and Economic Planning to reform project implementation and consolidate information on federal projects on one platform.
“We are also working with the Ministry of Budget and Economic Planning on the reforms that we need for projects. Mr President has already given the direction that we should harmonise the projects. Having just one platform where you can find everything at once is a lot better for transparency and accountability,” he said.