Stocktaking the Reforms in Public Financial Management

Freinkman, Lev and Stevens, Michael L.O. (2006): Stocktaking the Reforms in Public Financial Management.

Abstract

The paper documents how Nigeria’s public financial system stacks up against international standards, the better to see current institutions and their capacities in a wider perspective. It uses Public Expenditure and Financial Accountability (PEFA) framework for analysing the Nigeria's systems and processes. The purpose is not to demonstrate that Nigeria falls short of international best practice, but rather to show where progress has been made and where much still remains to be done, both in the improvement of formal rules and processes, but also in the capacity to follow them. The latter is at the heart of the challenge. For, while the design of Nigeria’s PFM system clearly needs modernizing, even to operate it as once intended would be an immediate improvement.

• Item Type: MPRA Paper
• Language: English
• Keywords: Nigeria, PEFA, fiscal management reforms, best PFM practice
• Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O23 - Fiscal and Monetary Policy in Development; H - Public Economics > H5 - National Government Expenditures and Related Policies > H50 - General; H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H20 - General; H - Public Economics > H6 - National Budget, Deficit, and Debt > H60 - General

References

World Bank, 2006, ‘Nigeria: A Fiscal Agenda for Change. Public Expenditure Management and Financial Accountability Review (PEMFAR)’, Report No. 36496-NG, October, Washington, DC.