Public Financial Management
The year 2023 marks a significant turning point for Nigeria. Following a keenly contested election in February, President Bola Ahmed Tinubu’s administration was inaugurated in late May. As expected, the new administration came with an immediate raft of reforms and policy pronouncements with far reaching implications for the economy and the citizens. These policy decisions hold immense potential to reshape the nation's economic trajectory and set it on a path towards sustainable growth and development. Crucial to the success of these endeavours is effective Public Financial Management (PFM).
PFM refers to the processes and methods with which the government organises, allocates, and oversees public resources. In the context of Nigeria's economic transformation, sound financial management practices are vital to the realisation of the new administration's policies. This article explains how sound public financial management can transform Nigeria’s economy.
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