THE World Bank has given its full backing to the public financial management reform agenda launched by Ogun State government on Wednesday, describing the initiative as strategic move towards enthronement of transparency in governance on a sustainable basis.
The reform agenda, according to the state's Commissioner for Budget and Planning, Mrs. Oluwande Muoyo was scripted to ensure "credibility in the process of budget preparation and implementation, thereby promoting transparency, accountability and efficiency in governance.
Already, the state's Implementation Committee for the reform agenda has been inaugurated, with Governor Ibikunle Amosun as Chairman and Muoyo the Vice Chairman.
The Nigeria Country Director of the World Bank, Mario Francess Meri-Nelly, pointed out that the new financial management agenda would bolster the state's drive for improved investment, especially in the real sector of the economy, affirming that the Brettonwood institution has been further encouraged to upscale the profile of its assistance level to the state.
She disclosed that the World Bank had expended $100 million to execute people’s oriented projects in Ogun State, listing the bank’s areas of intervention to include water production, health, agriculture and youth’s empowerment.
The World Bank chief stressed that the gesture was strengthened by the state government’s robust economic programmes and assured that the institution would continue to support any economic activities that are geared towards improving on the standard of living of the people.
Her words: "First of all, we already have a small partnership with Ogun State. We have engaged in about four projects amounting to about $100 million. We centrally cover water production, we have expended substantial amount on water, to increase the production capacity, restore the network and we also need to help them improve the efficiency of the water utility.
"The second area is in the health sector, but specifically, we are focusing on prevention of HIV/AIDs. Ogun State has low prevalence of about three per cent compared to some states in Nigeria. We help them strengthen the system to the capacity of its AIDs agency and also we make sure that they have equipment and kits to facilitate testing and counseling.
"The third area is agriculture. We are using the FADAMA project to promote and help small farmers to increase their income. The other project is youth empowerment, essentially to consolidate youths social system and safety; we will help them to improve the targets."
. The Country Director, who spoke to journalists after delivering a speech at the event, submitted that the state economy has a great potential for growth due to its abundant natural resources coupled with its proximity to Lagos and called for accountability and prudent management of resources.
Amosun, in his response, appealed for more support from the World Bank in order to achieve what he described as an array of life-improving and developmental projects across the state, pledging that his administration “will continue to carry out its duties and functions with prudency, transparency and accountability, especially as regards financial matters”.
He added: "We have always been mindful in ensuring that all our transactions and activities conform with laid down rules, regulations and international best practices. We are of the belief that whatever processes and procedures are followed in attaining those achievements must also be justifiable and acceptable.
"Let me reiterate our commitment to bequeath a legacy of accountability, transparency and exemplary leadership. This informs our administration’s continued openness and thoroughness in our financial transactions. The recent enactment of the Debt Management Office (Establishment) Law, 2012, aimed at ensuring greater efficiency in the management of the State’s Debt profile, is a pointer in this direction.
"I am also glad to mention that arrangements have reached an advanced stage for the implementation of the International Public Sector Accounting Standards (IPSAS) in Ogun State. This will not only reinforce our Financial Management System, it will indeed streamline our financial reporting format in line with globally accepted standard".
Via: Ogun State Government - Official Press Release