Politics
Breaking News: Finance Ministry Secures $5.6 Million World Bank Loan For Office Supplies And Miscellaneous Expenses
Breaking News: Finance Ministry Secures $5.6 Million World Bank Loan For Office Supplies And Miscellaneous Expenses....KINDLY READ THE FULL STORY HERE▶
The Ministry of Finance, Budget, and National Planning’s Home Finance Department has secured a $5.6 million loan from the World Bank. The funds, allocated under the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) project initiated in 2018, are designated for the procurement of various items, including office stationery, furniture, solar inverters, office equipment, and vehicles….CONTINUE READING
Although the SFTAS project officially concluded in 2022, the implementation of its initiatives is ongoing, as indicated in a document obtained from the World Bank. The project received a total commitment of $1.5 billion in two batches, $750 million each in December 2018 and December 2020.
Despite being a grant to state governments, the funds are considered a loan to the Federal Government. The procurement plan, aligning with World Bank guidelines, outlines the arrangements for obtaining necessary goods and services for the project.
The Home Finance Department’s procurement plan includes allocations such as $25,713 for office stationery, $39,357 for additional office equipment and supplies, $64,190 for furnishing the SFTAS Public Service Institute space, and $24,038 for video conferencing equipment.
The largest approval, amounting to $4.78 million, was for providing spatial data to states. Additionally, $409,638 was allocated for project vehicles, and funds were spent on an Inverter Power Backup System for the SFTAS Programme Coordinating Unit.
Among the 21 proposed items, two were canceled, four successfully completed, and one under implementation. Three were pending implementation, and 11 projects were only signed as of December 2023.
The World Bank recently disclosed Nigeria as the top recipient of its fresh loans in 2022, with approximately $2.9 billion released to the country. Nigeria is currently servicing about $14.12 billion from 108 approved loans, ranging from a loan approved in 1989 under Gen. Ibrahim Babangida to the most recent in 2018 under the former administration of Muhammadu Buhari.
The SFTAS’ Communications Specialist, Ibrahim Mohammed, clarified that procurement of items at the project’s outset is a regular procedure to ensure successful implementation. These items, including furniture and ICT infrastructure, are for the use of the office within the Home Finance Department of the Ministry of Finance, and consultants draw their salaries from the allocated funds to provide technical assistance to the states involved.
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