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Business News of Wednesday, 19 February 2020

Source: www.mynigeria.com

$4.5m World Bank Grant: 12 states lose out on bid

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12 states have lost the opportunity to clinch the 4.5 million (N1.37 billion) State Fiscal Transparency Accountability and Sustainability 2018 grant according to the World Bank.

Senior Economist and SFTAS Team Leader, World Bank Office in Nigeria, Yue Lee made the disclosure at the ongoing Federation Account Allocation Committee 2020 retreat in Lagos.

Giving reasons why the 12 states lost out on the bid, Lee said they failed to meet the eligibility criteria. She added that the Annual Performance Assessment for 2018 would be published on the SFTAS website which would soon become operational, while disbursement to the 24 benefiting states would begin in March.

SFTAS is a $750m programme of the Federal Government to reward States for meeting any or all of nine indicators that demonstrate improvements in Fiscal Transparency, Accountability, and Sustainability.

The nine indicators are an offshoot of the previous Fiscal Sustainability Plan of the Federal Government where States were to be rewarded for meeting up to 22 targets. The World Bank has supported the Federal Government to incentivize the States to properly achieve the 22 point Fiscal Sustainability Plan, now redesigned as the nine Disbursement Linked Indicators under SFTAS.