Finance Ministry Requests N3.9 Billion World Bank Loan For Stationery, Others
- The Home Department of the Ministry of Finance, Budget and National Planning has requested $&8.92 million for stationery.
- The department stated that the loan was for 21 items listed under the State Fiscal Transparency Accountability and Sustainability (SFTAS ) project
- The project was initiated to boost transparency and accountability at the sub-national level
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The Ministry of Finance, Budget and National Planning has asked for N3,942 billion, about $8.92 million, from the World Bank to get 21 items, which includes stationery, office furniture, office supplies, equipment and vehicles.
The request was actually made by the Home Department of the ministry.
Source: Getty Images
The requests were made in line with the State Fiscal Transparency Accountability and Sustainability (SFTAS) project, which began in 2018.
Money loaned to FG but given as grant to states
The project was created to bolster transparency and accountability at the sub-national level and would end in 2022.
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About $1.5 billion was earmarked for the projected in two tranches of $750 million from December 2018 and December 2020 by the World Bank.
The money is a grant to the states but a loan to the federal government from the World Bank.
The purchasing plan is in line with the World Bank’s Procurement Guidelines, establishing the arrangements to purchase the goods and works needed for a project.
As per the procurement plan for the SFTAS project stated by the World Bank, Home Finance Department asked for an estimated $25,715 to get office stationery and supplies.
A flurry of requests and disbursements
Another $330,000 was requested for office equipment and supplies for the SFTAS Programme Coordinating Unit.
The department asked for $64,190 for furnishing and equipping SFTAS Public Service Institute for space and $17,000 for other office furniture, partitioning, and furniture for the Debt Management Office.
It requested $25,000 to purchase video conferencing equipment for the SFTAS PCU and Mifi modems for the DMO.
The department also requested $25,000 to procure video conferencing equipment for the SFTAS PCU and MiFi modems for the DMO.
The biggest request made by the department was the provision of spatial data to states, estimated at $8 million.
An additional $291.804 was requested to purchase project vehicles for the PCU and independent verification agent.
Not all grants were executed
The Punch report states that of the proposed 21 items, three got cancelled, one was completed, and another was under implementation.
The Nigerian government got $338,98 million from the World Bank in 2022 and planned to release it to states under the SFTAS initiative.
The World Bank has made four disbursements to the federal government in 2022.
CBN insists on giving loans to Nigerians despite IMF's warnings
Legit.ng reported that the Central Bank of Nigeria has insisted that its credit interventions are supporting the Nigerian economy, saying it will continue issuing credit facilities to Nigerians as that is a way to bolster the economy.
This is despite the warnings by the International Monetary Fund (IMF ) that the apex bank should scale back on its interventions as that is unhealthy to the economy.
The CBN Governor, Godwin Emefiele, in a communique said this at this year’s maiden edition of the Monetary Policy Committee (MPC) meeting in Abuja on Monday, March 21, 2022.
Source: Legit.ng
