Financial controls tightened ahead of IMF review

Taking strict notice of the financial autonomy claimed by corporate and autonomous entities and executive departments of the federal government resulting in budgetary slippages, the Ministry of Finance has tightened fiscal controls ahead of a quarterly review with the International Monetary Fund (IMF). The ministry has barred all the federal ministries, divisions and their attached and sub-ordinate offices, corporations, corporate entities and executive departments from creating any charge or liability. New instructions have been issued to all the ministries, divisions, attached departments, dozens of autonomous and semi-autonomous entities, corporate bodies and executive departments for strict compliance after these institutions claimed financial autonomy.