achieving the MDGs and reducing poverty. The budget has been amended to help monitor and track MDG expenditure. 144 444. The government has also made significant progress with restructuring state enterprises. It implemented a strategy of vigorously commercialising and privatising key enterprises. In cases where enterprises were not privatised, they were restructured to make them more commercially viable. The privatisation exercise has yielded substantial revenue which could be channelled into social development programmes. 445. There is evidence that the nonoil sectors have been resuscitated. In time, this could reduce oil’s dominance in the Nigerian economy. Despite oil’s substantial contribution to GDP, Nigeria’s recent growth is driven largely by the nonoil sector. It averaged almost 10 per cent (9.96 per cent) for the 2004 to 2008 period, compared to 0.54 per cent for the oil sector. Indeed, revised estimates of national accounts (for 1981 to 2006) reveal that the oil sector contributed less to GDP than was previously estimated. According to the International Monetary Fund (IMF), the oil sector accounted for 21.93 per cent of GDP in 2006 and not 48 per cent, as was previously estimated (IMF Article 4 Consultations, 2008). 446. The introduction and implementation of several structures and legislative frameworks – like the Medium-Term Fiscal Framework (MTFF), the Fiscal Responsibility Act, the Public Procurement Act and due process – has helped to improve the management of public finances. In particular, the decision to distribute oil revenue according to a ‘budget oil price’ (which is below the market price) has improved the management of public expenditure by helping to create an Excess Crude Account funded from excess oil revenue, and by separating fiscal spending at all tiers of government from fluctuating oil revenues. In effect, there is a conscious attempt to save a portion of oil windfall gains and to reduce the macrodestabilising effects associated with massive expenditures, at all tiers of government, during boom periods. 447. A number of agencies established to tackle corruption have yielded some positive results. The Economic and Financial Crimes Commission (EFCC) has successfully investigated and facilitated the prosecution of a number of high-profile cases. This, together with other measures introduced to improve transparency and the business environment, has helped to improve the country’s BB rating by economic performance rating agencies Fitch Ratings and Standard & Poor’s. 448. Several challenges remain, however. Despite improvements in the management of public expenditure, coordinating fiscal policy across the three tiers of government remains an issue. The newly introduced Fiscal Responsibility Act is only legally binding at the federal level. Fiscal responsibility at the subfederal level is yet to be enforced. In fact, there is currently pressure by state and local governments to spend a greater portion of oil revenues. Strong and credible leadership is therefore needed to resist this pressure. Furthermore, a collective understanding of the benefits of preserving a balance between transferring resources and meeting the immediate socioeconomic needs of the economy is imperative.