Nigerian Government Secures N472 Billion World Bank Assisted Fund For States
- The Nigerian government has said it has secured a N472 billion grant from the World Bank for all the 36 states
- The grant is part of the $1.5 billion World Bank-assisted States Fiscal Transparency and Accountability programme
- The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this and said the states have shown the manifest capacity to utilise the grant
According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, states had gotten N471.9 billion of the $1.5 billion World Bank-assisted States Fiscal Transparency, Accountability and Sustainability Programme for Results.
Ahmed announced this at the launch of the States Charter to sustain fiscal transparency and accountability reforms at the State House Banquet Hall in Abuja.
Source: UGC
States have shown capacity to utilise grant
The Punch reports that the minister was represented by the Permanent Secretary in the Ministry, Aliyu Ahmed.
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Ahmed said all 36 states had domesticated the fiscal reforms in their public financial management systems by adopting the necessary processes and practices, including legal and regulatory frameworks already yielding positive results.
Reports say that the minister stated that state governments had shown a high level of privilege, active peer learning and competition, which ended in a strong performance by most states in all important results areas of the programme.
They include increasing fiscal transparency and accountability, domestic revenue mobilisation, efficiency in public expenses and debt transparency and sustainability.
States in Nigeria with the highest external debts as National debt stock hits $41.77 billion
Recall that Legit.ng reported that according to the Debt Manage Management Office (DMO) Nigeria’s debt stock has hit about $41.77 billion as of March 2022. A good number of these debts are external borrowings by states in Nigeria which contribute a large chunk of the total debt stocks.
Of the total debt stock, Lagos state, Kaduna and Cross River are the leading states in Nigeria. As of December 2021, the states with the highest external debts were Lagos, Kaduna, Cross River, Edo, and Rivers.
The nation’s commercial centre has the most external debt of March 2022, according to a document obtained by Legit.ng The state owes $1.33 billion as of December 2021, down from $1.40 billion it had in December 2020, DMO’s data states.
Source: Legit.ng
