Nigeria, June 30 -- Despite making progress, some factors still undermine Nigeria's fiscal transparency, says a report from the United States authorities.

These factors include the late presentation of the federal budget and the opacity in the financial records of the state-owned oil company, Nigerian National Petroleum Corporation, (NNPC) budgets.

The reports came just as the oil corporation made history this month with the publication of its first audited financial statements after 43 years of its operation.

The U.S. Department of State two weeks ago presented its Fiscal Transparency Report for the year 2020.

The report describes the minimum requirements of fiscal transparency "developed, updated, and strengthened" by the Department...