World Bank Grants $5.6m Loan to Finance Ministry for Procurement of Office Essentials

World Bank Grants $5.6m Loan to Finance Ministry for Procurement of Office Essentials

Spread the love

The Home Finance Department of the Ministry of Finance, Budget, and National Planning has secured a $5.6 million loan from the World Bank for the acquisition of various items, including office stationery, furniture, solar inverters, office equipment, and vehicles. This initiative falls under the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) project, launched in 2018, aimed at enhancing transparency and accountability at the sub-national level.

Although the SFTAS project officially concluded in 2022, ongoing project implementations continue, as disclosed in a document obtained from the World Bank. The total commitment for the project reached $1.5 billion, distributed across two phases of $750 million each, with disbursements in December 2018 and December 2020.

While the funds are granted to state governments, it is considered a loan to the Federal Government. A procurement plan, adhering to the World Bank’s guidelines, outlines the allocation of funds for various items between February 2019 and August 2020.

Key allocations include $25,713 for office stationery and supplies, $39,357 for additional office equipment and supplies, $64,190 for furnishing and equipping SFTAS Public Service Institute space, and $19,368 for additional office equipment and furniture for the Debt Management Office. The largest approval, amounting to $4.78 million, was allocated for the provision of spatial data to states.

Additionally, $409,638 was designated for project vehicles for the SFTAS Programme Coordinating Unit and independent verification agent, and $24,038 for video conferencing equipment for the SFTAS PCU and MiFi modems for the Debt Management Office.

Out of the 21 proposed items, two were canceled, four successfully completed, and one under implementation. As of December 2023, three projects were pending implementation, while 11 were signed. It is important to note that these acquisitions aim to facilitate the successful execution of the SFTAS project.

In a related development, Nigeria, the leading recipient of World Bank loans in 2022, received about $2.9 billion. The country is currently servicing approximately $14.12 billion from 108 approved loans, ranging from a loan approved in 1989 under Gen. Ibrahim Babangida to the most recent in 2018 under the administration of Muhammadu Buhari.

The Communications Specialist for SFTAS, Ibrahim Mohammed, clarified that the procurement of necessary items is a regular procedure at the commencement of a project. These acquisitions are essential for the effective implementation of the project, covering furniture, ICT infrastructure, and other items for office use. The funds also support salaries for consultants providing technical assistance to states in collaboration with implementing agencies and partners.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *