The
Board of Executive Directors of the World Bank has approved $200m (about
N39.4bn) credit to Lagos State to support a range of reforms relating
to fiscal sustainability,
In the past
decade, Lagos State achieved significant economic growth, improved its
infrastructure and services, significantly reduced crime, and brought
millions of people out of poverty, the bank said.
The World Bank Task Team Leader for the project, Jariya Hoffman, said with enhanced budget transparency and efficiency, adequate funding could be shifted to programmes to benefit the state’s booming population, especially the poorest families.
“The operation’s focus on furthering improvements in the transparency of the budget system, effectiveness of public expenditures, and the business climate will help sustain the pace of economic growth and thus the state’s positive momentum towards income equality and the delivery of public services,” he said.
The World Bank Country Director for Nigeria, Marie-Francoise
Marie-Nelly, said, “This operation is designed to assist Lagos State in
its quest to continue its recent success in spite of the challenges
brought on by rapid economic and population growth.
“As an urban agglomeration that has reduced income inequality during double digit economic growth, Lagos is an example of inclusive growth in Nigeria. If the Lagos experience is sustained, there is strong potential for this type of inclusive growth to spread to other parts of Nigeria.”
According to the bank, the operation will enhance the state government’s fiscal sustainability by anchoring the budget on a framework that accounts for key fiscal risks and improves revenue collection. Support for adopting a new approach to budget planning and preparation will ensure adequate allocation of budgetary resources to social services such as education and health.
Credit: Punch Ng.
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The World Bank Task Team Leader for the project, Jariya Hoffman, said with enhanced budget transparency and efficiency, adequate funding could be shifted to programmes to benefit the state’s booming population, especially the poorest families.
“The operation’s focus on furthering improvements in the transparency of the budget system, effectiveness of public expenditures, and the business climate will help sustain the pace of economic growth and thus the state’s positive momentum towards income equality and the delivery of public services,” he said.
The World Bank Country Director for Nigeria, Marie-Francoise
“As an urban agglomeration that has reduced income inequality during double digit economic growth, Lagos is an example of inclusive growth in Nigeria. If the Lagos experience is sustained, there is strong potential for this type of inclusive growth to spread to other parts of Nigeria.”
According to the bank, the operation will enhance the state government’s fiscal sustainability by anchoring the budget on a framework that accounts for key fiscal risks and improves revenue collection. Support for adopting a new approach to budget planning and preparation will ensure adequate allocation of budgetary resources to social services such as education and health.
Credit: Punch Ng.
More news on my news site
www.edesononlin
....
...
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