The federal of Nigeria (FGN) has disbursed the sum of N66.5billion (USD$175 million) to eligible States on the idea of the Amended COVID-19 Responsive 2020 Budget results achievement.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who disclosed this during a statement by Mr. Hassan Dodo, the ministry’s Director of Press and PR , yesterday in Abuja, explained that the disbursement followed compliance with the Amended COVID-19 Responsive 2020 Budget by 35 eligible States within the country.
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The programme is wholly-financed with a loan amount of $750 million from the International Development Association (IDA), a member of the planet Bank Group.
She said that every State received the entire sum of N1.9bn equivalent of $5million.
The disbursement is, consistent with her, under the performance-based grant component of the planet Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results.
Rivers State is that the just one that omitted on the grant thanks to its inability to satisfy the eligibility criteria which required the states to possess 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.
According to Ahmed, the Amended 2020 State Budget must also include standardised budget documentation to reinforce clarity, transparency and accessibility.
“It must also significantly lower the gross statutory revenue projections – according to the revised medium-term expenditure framework (MTEF) and federal government’s budget; reduced non-essential overhead and capital expenditures”.
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