The federal government has disbursed N66.5 billion to 35
eligible states on the basis of the amended COVID-19 responsive 2020 budget
results achievement.
According to a statement by Hassan Dodo, director of press
at the ministry of finance, budget and national planning, Rivers was the only
state that missed out of the grant due to its inability to meet the required
criteria to publish its COVID-19 response amended budget.
The ministry explained that each state received N1.9 billion
($5 million).
The programme is wholly-financed with a $750 million loan from the International Development Association (IDA).
Zainab Ahmed, minister of finance, budget and national
planning, said the disbursement is under the performance-based grant component
of the World Bank assisted states fiscal transparency, accountability and
sustainability (SFTAS) programme for results.
“Rivers State is the only one that missed out on the grant
due to its inability to meet the eligibility criteria which required the states
to have passed and published online on a state’s website by July 31, 2020,
credible, fiscally responsible COVID-19 responsive amended 2020 budgets duly
approved by the state house of assembly and assented to by the state governor,”
the statement read.
“It must also significantly lower the gross statutory
revenue projections, consistent with the revised medium-term expenditure
framework (MTEF) and federal government’s budget; reduced non-essential
overhead and capital expenditures.
“The budget must be tagged and found to have allocated at
least 10 percent of the total expenditure of the amended budget for COVID-19
relief, restructuring and recovery programs; and identified credible sources to
fully finance the budget deficit to avoid the accumulation of arrears.”
Ahmed said the COVID-19 pandemic and the resultant economic
shocks have put significant pressure on states’ fiscal resources and undermined
the reality and credibility of the states’ original 2020 annual budgets.
The minister expressed optimism that the fund will
strengthen Nigeria’s fiscal response to COVID-19 and align efforts at the
federal and state levels.
The federal government had earlier, in April 2020, disbursed
N43.4 billion ($120.6 million) to 24 states, based on their performance.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com