Nigerian ranks low in implementation of World Bank funded projects-Minister
The Nigerian government on Tuesday declared that compared to other nations of the world, Nigeria ranks low in terms of the level of implementation of World Bank and other donor-funded projects.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made the disclosure in Lagos, stated that notwithstanding the efforts and resources committed in procuring development financing for critical sectors of the economy to boost human capital development, improve infrastructure as well as strengthen governance and institutions, Nigeria appears not to have made the desired progress in this direction.
Mrs. Ahmed noted that an in-depth review of the level of implementation of the entire development projects revealed that delays in the execution of donor-funded projects stems from factors including bureaucratic bottlenecks, capacity challenges, political interference and challenges associated with obtaining varied and misaligned approval processes between local authorities and development partners.
She observed that one of the critical sources of funds for the execution of key projects in Nigeria was through donor-financing, especially from multilateral bodies such as the World Bank and the African Development Bank (AfDB).
In a keynote address she presented at a retreat for members of the National Assembly on the “process optimisation of donor-financed projects in Nigeria,” Ahmed said her ministry organised the retreat based on the desire and strong conviction as a ministry saddled with the responsibility of managing the country’s financial inflows and outflows, to deliver planned projects for sustained growth and national development.
She pointed out that much still remains to be streamlined, noting that it was important to mention that when borrowed funds fail to be properly utilised, and to deliver on planned development objectives, growth is impaired and economic development distorted.
Accordingly, Ahmed pointed out that Nigeria ranks low compared to other nations of the world in terms of the level of implementation of World Bank-funded projects.
She stated: “It is public knowledge that there have been increased public agitations against rising foreign debts levels.
“This has put immense pressure on government to ensure prudent management of resources and improve transparency and accountability in the utilisation of funds from donor agencies for maximum positive impact on the economy.”
The minister said it was against this backdrop that she constituted a Taskforce on Disbursement in Donor-Funded Projects in Nigeria.
According to her, the term of reference (ToR) of the taskforce is to evaluate, review and chart a fresh course to significantly increase disbursement levels in donor-financed projects in the country.
She stressed that the taskforce was to also work with relevant stakeholders to facilitate various approval processes for donor-assisted projects before the final approval from the National Assembly.
Ahmed added that the retreat organised by ministry for the chairmen and members of the two relevant committees of the National Assembly was in furtherance of efforts towards unravelling the challenges associated with the implementation of donor-financed projects with a view to evolving ways to improve execution levels for national growth and development.
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