THE FISCAL GOVERNANCE AND INSTITUTIONS PROJECT

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The development objective of Fiscal Governance and Institutions Project for Nigeria is to improve the credibility of public finance and national statistics. The project consists of the following four components. 1) The first component, Strengthening revenue management, aims at enhancing oversight of revenues accruing to the Federation account; and strengthening revenue analysis and forecasting to help retrieve unremitted revenues and improve revenue outturn. It has the following two subcomponents: (i) Strengthening of the oversight of Federation revenue through external and internal auditing; and (ii) Strengthening revenue analysis and forecasting. 2) The second component, Strengthening controls, transparency and accountability in the use of public funds, aims at operationalizing the Government Integrated Financial Management Information System (GIFMIS) for payment controls, cash management and budget execution Monitoring and Evaluation (M and E), strengthening Public Investment Management (PIM) and improving transparency and efficiency in the use of public funds through enhanced procurement and the quality of budget information. It has the following three subcomponents: (i) Operationalization of the GIFMIS for budget management and reporting; (ii) Strengthening PIM; and (iii) Improving transparency and efficiency in procurement, and the quality of budget information. 3) The third component, Strengthening economic and fiscal statistics, aims at generating and validating economic statistics and reconciling them with fiscal data. It has the following two subcomponents: (i) Improvement of economic statistics; and (ii) Reconciliation, validation, archiving, and dissemination of official statistics. 4) The fourth component, Implementation support, aims to finance the activities and functioning of the implementation framework.