Nigeria does not have a fiscal transparency code or a budget law specifying roles for ministries and other stakeholders in the drafting of the budget. Existing laws and regulations include provision that are contradictory and ambigous.

This update of the Code of Good Practices on Fiscal Transparency, was approved by the Executive Board on March 23, 2001 and subsequently acknowledged by the IMFC. The basic principles remain the same as those of the original Code. The revised version gives added emphasis to assurance of the quality of fiscal data and includes other minor modifications derived from experience in implementing the Code. Modifications to the Code will continue to be considered periodically, in light of the experience with its application.

The Code sets out what governments should do to meet these objectives in terms of principles and practices. These principles and practices are distilled from the IMF's knowledge of fiscal management practices in member countries. The Code will facilitate surveillance of economic policies by country authorities, financial markets, and international institutions. Guidelines to the implementation of the Code are provided in a supporting manual, which has been revised in line with the changes in the Code, and updated in a number of areas.
The IMF questionnaire was developed to help countries assess how their fiscal management systems compare with the requirements of the code. The self-evaluation report was designed to highlight the strengths and weaknesses of these systems. Treasury is releasing the United States' response in an effort to promote widespread implementation of the IMF's Code of Good Practices on Fiscal Transparency - Declaration on Principles. Treasury also anticipates the transparency standards will become an integral part of the IMF's "Article IV" surveillance process.
For more
www.imf.org/external
www.worldbank.org
www.ustreas.gov
www.internationalbudget.org/resources/Nigeria
Macro Economic Fundamentals
QFAs Blame For Deficiency in Fiscal Transparency
Mexico Fiscal Transparency Module
Fiscal Transparency And The Budget Process in Brazil
Angola: Fiscal Transparency to Top Agenda at Donor Conference
Fiscal Transparency & fiscal Policy Outcome in OECD Countries
Code of Good Practices on Fiscal Transparency
The IMF Transparency Code
Turkey: Fiscal Transparency Module

National Resources
IMF and Nigeria: From Secrecy to Transparency
All Africa Conference
Obasanjo Presents =N=765bn for 2003 Fiscal Year.