Bank loan

“$1.5 Billion W/Bank Loan to States, FCT Delivers Results”

The World Bank’s $1.5 billion loan to states and the Federal Capital Territory (FCT) contributes to economic sustainability, said the national coordinator of the Fiscal Transparency, Accountability and Sustainability Program of the United States. States assisted by the World Bank (SFTAS), Mr. Stephen Okon.

The loan is to provide technical support to 36 states and FCT. Speaking at a capacity-building workshop for journalists, Okon said, “It is as part of the capacity-building efforts under this program that this workshop is specifically organized to deepen the understanding of the implementation of implementation of the SFTAS program by the media and by extension the general public”.

Continuing, the program coordinator stated that the workshop “is intended to explain the rationale for the implementation of the SFTAS program; assess the status of program implementation by implementing agencies and partners; promote national ownership and ensure program sustainability.

He also said that one of the achievements of SFTAS has seen states “strengthen their legal framework for debt management and fiscal accountability by enacting legislation on state public debt, improving timely reporting and accurate debt and debt sustainability analyses”.

Okon said this was to enable the reduction of the stock of domestic expenditure arrears and establish a fiscally sustainable response to COVID-19.