Open treasury portal will promote transparency in governance – economist

Mr Godwin Anono, a capital market expert, has commended the Federal Government for launching the open treasury portal, towards promoting entrenched transparency in government finances.

Anono, President, Standard Shareholders Association of Nigeria said this in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.

He applauded the federal government for launching the opening of treasury portal, so as to stop the mistrust in government finances.

“Although the initiative is novel, but could engender trust in government as the inauguration of such treasury portal will enable the general public to track governmental cash flow,” he said.

He further advised that the lower tiers of government should commence the replication of similar policies in their domains.

“Imitating such treasury portal in states and local government is imperative in order to entrench this transparency.

“The majority of our people reside in the rural areas and need some forms of accountability in managing scarce resources,” he said.

NAN reports that the Federal Government had launched the Open Treasury Portal, with the hope of making public, the daily treasury statement.

The project is expected to highlight how monies that come into government coffers are spent.

This was made known, by the Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, in a series of tweets.

This directive has mandated all ministries, departments and agencies to publish, on a daily basis, reports of payments in excess of N5m and over.

This will also include monthly budget performance and other official financial dealings.

President Muhammadu Buhari, who was represented on the occasion by the Minister of State for Niger Delta, Senator Omotayo Alasoadura, was reported to have said that.

“All those doing business with government should know that henceforth, all payments they receive will be made public”. (NAN)