ABUJA, Feb 21: The Nigerian Senate gave initial approval on Wednesday to fiscal responsibility legislation designed to protect some of the outgoing government's macro-economic reforms.

Investors see the bill, which has yet to be passed by the House of Representatives, as an important step towards entrenching policies that have improved the public finances of Africa's top oil exporter in the past four years.

"The bill as passed by the Senate will, if properly implemented, contribute to securing greater accountability, transparency and, most importantly, prudence in the management of the nation's resources," said Udoma Udo Udoma, chairman of a Senate committee on the bill.—Reuters