The World Bank has approved $200 million credit facility to Lagos State to improve fiscal sustainability, budget planning, budget execution, and climate investment in the state.
The credit which would be sourced from the International Development Association (IDA) supports the Third Lagos State Development Policy Operation and is the last of a series of two development policy operations which aim to improve public finances and the investment climate in a fiscally sustainable manner.
The statement said: “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.”
According to the World Bank’s Task Team Leader for this Project,Jariya Hoffman “the operation’s focus on furthering improvements 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 programs to benefit the state’s booming population, especially the poorest families.”
The World Bank added that the operation will enhance the state government’s fiscal sustainability by fixing the budget in a framework that accounts for key fiscal risks and improves revenue collection.
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