FG to Disburse $1bn World Bank Grant to States

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has disclosed that $1 billion will soon be distributed to states as part the last tranche of the $1.5 billion grants under the World Bank assisted States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme by December 2023.

She disclosed this at a dinner organised by the ministry in conjunction with the World Bank for the celebration of the SFTAS achievements and presentation of awards to best performing states held in Abuja at the sidelines of the 28th Nigerian Economic Summit.

The $1.5bn grant is an inclusive performance for grant and technical assistance components.

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In the past three years of the existence of the programme, at least N471.9bn has so far been disbursed to the 36 states.

The last and final tranche will be known after the final assessment is concluded.

“In the next few weeks, your states will receive the last tranche of performance-based grants including the sum of $1 billion withheld by the Central Bank through the Naira exchange deficit thus bringing to a close, the performance for results grant even though the technical assistance component will continue to be delivered by implementing agencies and partners till June 2023 when the programme will finally wind down,” she said.

Commenting, Mr. Shubham Chaudhuri, the Country Director for Nigeria, World Bank said it is a programme the bank is honoured to support in Nigeria adding that information about SIFTAS and the success story is spreading through the World Bank.