Saturday, November 28, 2020

Federal Government gives two billion naira COVID-19 funds to each state

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Each State in Nigeria has received N1.9bn on the basis of the amended COVID-19 responsive 2020 Budget results achievement.

Minister of Finance, Budget and National Planning Zainab Ahmed explained that the disbursement followed compliance with the amended COVID-19 responsive 2020 Budget by 35 eligible States in the country.

She said the programme is wholly-financed with a loan amount of $750 million from the International Development Association (IDA), a member of the World Bank Group.

Rivers State is the only one that missed out on the grant due to its inability to meet the eligibility criteria which required the states to have passed and published online on a state’s website by July 31,2020 credible, fiscally responsible COVID-19 Responsive Amended 2020 Budgets duly approved by the State House of Assembly and assented to by the State Governor.

According to Ahmed, the Amended 2020 State Budget must also include standardised budget documentation to enhance clarity, transparency and accessibility.

Mrs. Ahmed stressed that the COVID-19 pandemic and the associated economic and fiscal shocks have put significant pressure on States’ fiscal resources and undermined the reality and credibility of the States’ original 2020 Annual Budgets.