World Bank Engages Nigerian Government on Effective Public Fund Utilization
The World Bank has communicated its engagement with the Federal Government of Nigeria to ensure that public funds are utilized efficiently and effectively for the benefit of the Nigerian population. The World Bank Country Director, Mr. Shubham Chaudhuri, expressed this commitment during a visit to the Minister of Budget and Economic Planning, Atiku Bagudu, in Abuja.
Key Points:
- The World Bank’s primary focus is collaborating with the Nigerian government at the federal and state levels to bring about transformative changes. This includes encouraging private investment, job creation, empowering youth and women, and investing in children.
- The World Bank is not only providing financial support but also sharing ideas and experiences from other countries to assist in effective policy planning and implementation.
- The discussions with the minister involved strategies to ensure that public funds are spent efficiently for the common good of the Nigerian people.
- The World Bank operates across about 120 countries globally and aims to share successful practices and experiences from various regions to benefit Nigeria.
- The engagement covers various areas, including Nigeria’s cash programs and ongoing projects managed by the states, where the Ministry of Budget and Economic Planning is involved in coordination.
- The minister expressed gratitude for the support provided by the World Bank to the ministry and the broader government.
Blended development assistance projects involving loans and grants from donors, particularly the European Union, are part of the engagements between the Nigerian government and the World Bank.
The collaboration between the Nigerian government and the World Bank underscores the importance of effective fund utilization and sharing best practices to drive positive socioeconomic changes in the country.