FG secures $750m World Bank loan
The Federal Government has said it has secured a $750m World Bank loan to provide support to states.
The $750 million from the World Bank is to support the states through the provision of performance-based grants for which $700 million has been earmarked already.
The balance of $50 million is for financing of technical assistance to enable the states achieve specified Disbursement Linked Indicators (DLIs) towards qualification for the grants.
The DLIs are derived from the already established 22-Point Fiscal Sustainability Plan (FSP) by the Federal Government and the Open Government Partnership (OGP) commitments.
The Minister of Finance, Budget and National Planning,
Mrs. Zainab Shamsuna Ahmed, made this disclosure yesterday during the inauguration of the National Steering Committee for the States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results.
She said the programme, which was introduced in 2017 by the Federal Government in collaboration with the World Bank to strengthen Fiscal Transparency, Accountability and Sustainability in the Nigerian states, was initiated to strengthen “the desired fiscal reforms at the subnational level and participation in the Programme is open to all States of the Federation, including the Federal Capital Territory (FCT).”
The minister described the SFTAS programme as very important to the government, adding that all hands must be on deck to ensure its success.
She said: “The implementation of the Programme has commenced in earnest with a fullyfunctional Programme Coordination Unit (PCU) domiciled in the Home Finance Department, Federal Ministry of Finance, Budget and National Planning.”