Fidelity bank card banner Camano banner
World Bank giving $4bn grants to states ― NGF boss

By Leon Usigbe, Abuja on 27/06/2019

Views: 353

•AGF Chairman Governor Fayemi
•AGF Chairman Governor Fayemi

Some states of the federation are enjoying various grants and soft loans worth about $4billion from the World Bank to enhance their abilities to meet the aspirations of their people, the Chairman of the Nigeria Governors Forum (NGF) and Governor of Ekiti State, Kayode Fayemi, has disclosed.

He stated this during a meeting of the state governors with the World Bank represented by the Country Director, Rachid Benmessaoud and his team in Abuja, on Wednesday.

Fayemi said the funds provided to the states come with a long moratorium and low-interest rates to offset it.

“The bank is spending somewhere in the region of $4 billion in states and some of our states are benefiting from a range of grants. Even the loans that we benefit from on the basis of the bank’s investments in our states, these are with long term moratorium and with low interest over a long period of time to offset those loan portfolios,” he said.

He said it was important for the states to work with the World Bank “to look at ways of engaging the bank’s subsisting portfolio and review things that we are doing right, things we need to improve on and how we need to accelerate deployment of resources that is available within the portfolio for states.”

According to him, it was also important for the states to work with the bank in terms of lending operations, advisory activities, and concrete action in the states.

Fayemi added: “The NGF has proposed a range of suggestions which the bank has taken up and will be implemented in other to better the relationship we have built over the years.

“There is a question of course of also not having enough resources and the need to expand the lending portfolio from what it is now both to the federal government and the sub-national entity.

“It is absolutely important that that vehicle is not closed because if we can borrow from the World Bank at one per cent interest, it is always going to be better for us than for us to borrow at 25 per cent commercial lending rate. That is a no brainer, we will all agree with that.”

While praising the efforts of the World Bank in the states, the NGF boss, who observed that the country was just emerging from an election, stressed the need for continuity in government’s programme as he noted that governance was a continuum.

He further stated: “I don’t know of many developments partners that have programmes in 36 states. The World Bank does and all of our governors were present in this meeting and that makes the statement about the importance attached to this partnership with the World Bank and we had an extensive discussion on how to improve on the existing relationship and how to build on those projects that have transitioned from one governor to the other.

“Because periods of transition can be a challenging period and it is absolutely important that we treat government as a continuum and address whatever gaps that there are without throwing the baby away with the bath water.

“These are what came out from the investment/lending portfolio, a programme for result portfolio which are two vehicles that the World Bank uses in their relationship and support in our states.”

In his remark, the World Bank country’s director, Benmessaoud said the bank has been particularly engaging with the NGF as the important platform for engaging with the sub-national governments beside our engagements at the state level.

He explained that the World Bank mission was to fight poverty and build prosperity, saying: “We know that the number of poor people has increased in Nigeria in terms of number though the trend is decreasing.“So, fighting poverty in Nigeria and Africa is going to be absolutely critical for reducing poverty globally. So, therefore, our priorities which we have engaged with the governors will be around investing in human capital, investing in people to have access to basic education, health services, social protection.

“But we do recognise the development challenges also requires investing in infrastructure and filling the large infrastructure gaps.

“But with that, we want to make sure that those infrastructure gaps are filled by bringing more of the private sector so that will enable to create the physical space for governors to invest in human capital including financing from development partners like the world bank.

“But most importantly to increase the domestic revenue mobilisation for providing primary spending on the social sector.

“So, therefore the World Bank has a large part of its engagement at the state level.” (Nigerian Tribune)



Source News Express

Posted 27/06/2019 05:44:59 AM





You may also like...
FCTA suspends tenement rates collection

2019: I remain in APC — Gov Sani-Bello...

NLC, NULGE demand payment of 8 years outstanding...

Why I am passionate about road construction —...

Saraki, Dogara and APC's ‘naivety’, By Olusegun Adeniyi...

SERAP gives NYSC 7 days to provide documents...

Voter Cards for 2015 Nigerian polls intercepted from...

I’m planning to help many inmates — Naira...

ECOWAS Heads of Immigration meet in Abuja

Shell, Eni: Court jails 2 for 'international corruption'...

Senate suspends Customs policy on vehicles without duty...

Parliament is the hope of saving the people...


Latest News Okowa mourns as veteran journalist, Odafe Othihiwa dies at 77 Tarakiri Monarch condemns violence, condoles with bereaved families, Ofoni and Toru-Orua communities on sons’ death Ighalo dumps Super Eagles Return order: Northern Coalition replies Buhari on counter directive Ganduje inaugurates committee for Ruga settlement Bandits kill over 20 in Sokoto Imo Govt. inaugurates committee to probe LG administration Insecurity: Security agencies not telling Nigerians truth — Gadzama Group to Buhari: We’ll hold you responsible for killing of Northerners NGO offers free treatment to 700 patients Knife attack: Police arrests man for assault on EKEDC official NLNG, LCCI promote breakthrough in electric power in Nigeria


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (509,530 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,396 views) Shameless Genevieve Nnaji exposes breasts in public (373,318 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,653 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,344 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,134 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,119 views) 10 cars more expensive than Jets (223,432 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,129 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,665 views) Lagos plane crash: Journalist releases victims’ names (188,284 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,920 views)


NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,356) Business Verdict (76) Columnists (1,074) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (779) Global Business Monitor (395) ICT Monitor (53) International (3,721) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (338) News (48,792) Opinion (1,290) Pidgin (17) Politics (11,166) Religion (1,051) Sports (2,101) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera