The World Bank Group has indicated it will help Nigeria strengthen its fiscal sustainability. This means it will help government develop capacities to sustain its spending, tax and policies without threat of it becoming broke.
Salisu Dambatta, director of Information, Ministry of Finance, said this in a statement. The Bank’s intervention will involve financing capacity building and providing technical support for officials in the 36 states of the federation.
This will be achieved by equipping them with the requisite knowledge and skills to effectively manage the comprehensive implementation of the components of the FSP on a sustainable basis.
The reforms border on taking measures, including instilling a regime of fiscal transparency and accountability, improving Internally Generated Revenue, taming of unnecessary recurrent expenditure and strengthening adherence to debt management guidelines by the states.
“The objective was to ensure that the states were put on the path that would lead them out of the situation in which they had to be bailed out or fail to meet their financial obligations for the well-being of the citizenry,” the statement said.