The Central Bank of Nigeria says the role of annual budgets has become increasingly pivotal to attaining financial stability and robustness.
The Director, Monetary Policy Department of the apex bank, Dr Mahmud Hassan stated this in a message to a regional training course on ‘Medium Term Budgetary Frameworks and Monitoring’ organized by the West African Institute for Financial and Economic Management.
Dr Hassan who was represented by Dr Yusuf Bulus noted that many West African countries have introduced reforms in their public finance management, including the Midterm Budgetary Frameworks, and stressed that there were gaps in its implementation owing to capacity constraints.
He said in light of this, training that exposes the operators of the budget to international standards was required.
Dr Hassan noted that such training would enable member countries to implement fiscal policy strategically as well as open up opportunities for needed fiscal reforms.
In his message, the Director General of WAIFEM, Dr.Baba Musa who was represented by Mr. Yakubu Aliyu said the course was put together against the backdrop of macroeconomic challenges occasioned by the pandemic, conflicts and security issues.
He said the course would help member countries to enhance the implementation of more strategic approach to the budgeting process and instilling improved transparency.
The course participants were drawn from the fine Anglophone West African countries of Gambia, Ghana, Liberia, Sierra Leone and Nigeria.
Reporting by Biodun Dare; editing by Seyi Ajibade