Expdonaloaded News; Budgeting: World Bank approves $200m for Lagos

The World Bank yester­day, approved $200 million credit to Lagos State to support a range of reforms pertaining to fiscal sustainability, budget plan­ning, budget execution and the investment climate in the state. In a statement, the bank said the facility will help sustain the state’s recent economic growth and poverty reduction while continuing to deliver social ser­vices to the city’s expanding population.
The credit, which was from the International Development Association (IDA) will equally support the Third Lagos State Development Policy Opera­tion, and it is the last in the series of two development policy oper­ations aimed at improving pub­lic finances and the investment climate in a fiscally sustainable manner. 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. World Bank Task Team Lead­er for the Project, Jariya Hoff­man, said: “The operation’s fo­cus on furthering improvements in­ 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. With enhanced budget transparency and efficiency, adequate funding can be shifted to programmes to benefit the state’s booming population, especially the poor­est families. “The operation will enhance the state government’s fiscal sus­tainability by anchoring the bud­get in a framework that accounts for key fiscal risks and improves revenue collection.post by expdonaloaded.blogspot.com.. 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. Support for reforms of budget execution including increased operationalisation of the Oracle-based Financial Management System as well as reform of pub­lic procurement will create great­er transparency and efficiency in the use of budget resources. In addition to budgetary improve­ments, the project’s support for a reduction in the cost of land transactions as well as the devel­opment and introduction of an electronic web-based system for processing of planning permits will help to improve the business climate and attract new invest­ments,” the statement said. Also speaking, 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 despite 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.” Meanwhile, IDA, established in 1960, helps the world’s poor­est countries by providing grants and low to zero-interest loans for projects and programmes that boost economic growth, re­duce poverty and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 77 poorest countries, 39 of which are in Africa. Re­sources from IDA bring positive change for 2.8 billion people, the majority of whom live on less than $2 a day.

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