NGF Moves To Achieve Debt Reduction

Nigeria Governor's Forum (NGF)
Nigeria Governor's Forum (NGF)

NGF Has Indicated Readiness To Achieving Debt Reduction

Gatekeepers News gathered that Governors have indicated their readiness to achieving debt limits and sustainability across the country.

The Governors as well stated their support for the full deregulation of the downstream oil sector and withdrawal of subsidy.

These positions are contained in a communique issued on Wednesday, after a meeting of the Nigerian Governors’ Forum (NGF), presided over by its Chairman and Ekiti State Governor Kayode Fayemi.

The communique reads in part: ”The Forum also received presentations from the World Bank led by the Country Director for

Nigeria Governor's Forum (NGF)

“The World Bank team commended the commitment and actions of State Governors for establishing and resourcing CARES programme State Coordinating Units under their Ministries of Planning, and requested for their additional support in areas such as the adoption of a Fund Release Policy for improved predictability of resources flows to CARES Delivery MDAs; adoption and institutionalization of protocols for reporting, management and investigation of fraud and corruption in MDAs implementing CARES; and the release of 2021 State budgets to MDAs for the commencement of CARES-related activities.

“The Bank also urged the support of Governors to ensure that their Ministries of Finance and Ministries of Justice fast track the execution of subsidiary agreements for the CARES programme.

“Under the SFTAS Programme for Results, 23 States have already passed strong state-level debt legislation which stipulates: 1) responsibilities for contracting state debt; 2) responsibilities for recording/reporting state debt; and 3) state fiscal and debt rules/limits. “To help Nigeria successfully meet the World Bank Sustainable Debt Financing Policy (SDFP) by strengthening debt management, debt transparency and fiscal responsibility at the state-level, a strong collective commitment was made for the remaining 13 States to pass such state-level debt legislation by 31 December 2021.”