Breaking News World Bank approves $75mn concessional credit to Nigeria
World Bank has approved a 75-million-dollar concessional credit to Nigeria for the First Edo State Growth and Employment Support Program.
A statement issued by Mr Bamidele Oladokun, Communication Associate, External Affairs, Africa Region of the World Bank on Thursday in Abuja, said that the credit was approved on March 29.
The statement added that the credit was provided in recognition of some critical policies and institutional reforms that the Edo State Government had undertaken to improve management of public resources.
``Among the reforms on improving the management of public resources includes the enactment of a public procurement law and sanitising the payroll through the use of biometrics technology for identification. ``It also includes the use of an integrated financial management information system for budget management.'' Others, it said, were improving transparency in procurement through the publication of contracts awarded and strengthening external oversight by clearing the backlog of audited financial statements. ``These policy reforms will ensure value for money in the utilisation of public resources,’’ it stated.
It added that the reforms were geared towards the creation of a better environment for growth and employment generation ``through a more conducive investment climate and higher quality of education.''
The statement quoted Ms Marie Francoise Marie-Nelly, World Bank Country Director for Nigeria, as saying that the granting of the facility marked another milestone in Nigeria’s path to improving public service delivery. ``I would like to congratulate the Edo State Government for its commitment towards reforms and would like to urge the authorities to stay the course.''
The World Bank approved a similar credit for Lagos State in 2011. The approved credit will be in the form of budget support similar to that which was extended to Lagos State.
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