CBN Warns States Against Poor Fiscal Management

The Central Bank of Nigeria has cautioned state governments against poor fiscal management, warning that reckless financial decisions could undermine efforts to stabilise prices and strengthen the nation’s economy.

Speaking during a meeting with state government officials organised by the Nigeria Governors’ Forum Secretariat, the CBN stressed that inflation control requires strong collaboration between the federal and state governments.

The Deputy Governor in charge of Economic Policy Directorate, Muhammad Abdullahi, stated that poor fiscal decisions by state governments have the potential to trigger rising inflation across the country.

The meeting had in attendance Commissioners for Finance and Economic Planning, Accountants-General, Permanent Secretaries, and statisticians from over 20 states.

According to a statement issued by the apex bank, it is identified that borrowing decisions, rising domestic debts, spending patterns, wage obligations, salary arrears, contractor financing arrangements, and weak coordination in the management of Federation Account Allocation Committee receipts, debt servicing, and public cash flows as key factors through which states influence inflation.

He further warned that excessive spending and weak fiscal coordination by states could frustrate the success of the CBN’s proposed transition to an inflation-targeting monetary policy framework aimed at achieving long-term economic stability.

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