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States to oversee $800m World Bank assisted cash transfer programme

By Azimazi Momoh Jimoh, Abuja
17 December 2021   |   3:07 am
Nigeria Governors’ Forum (NGF), yesterday, said it has resolved that all states set up panels to oversee the Conditional Cash Transfer (CCT) initiative to ensure it aligns with their vision.

World Bank

Nigeria Governors’ Forum (NGF), yesterday, said it has resolved that all states set up panels to oversee the Conditional Cash Transfer (CCT) initiative to ensure it aligns with their vision.

A key aspect of the initiative is a World Bank financed $800 million facility designed to fund it.

A communique released after the virtual meeting of the governors explained that each state governor would establish and chair a steering committee to oversee the initiative.

Signed by NGF Chairman and Ekiti State Governor, Kayode Fayemi, the communique said: “Members received a presentation from the National Coordinator of the National Social Safety Nets Coordinating Office, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, Mr. Iorwa Apera.

“Forum members also listened to the World Bank Country Director, Shubham Chaudhuri, on the rollout of a World Bank financed $800 million facility designed to fund a large-scale CCT programme in the country.”

On proposed privatisation of the 10 power generating plants across the country, under the National Integrated Power Projects (NIPPs), the communique said members received a detailed presentation by the Director General of the Bureau of Public Enterprises, Mr. Alex A. Okoh, and resolved to review and communicate, through their board representatives, their assessment and position on the privatisation of what they consider critical national assets.

States currently own a total of 53 per cent equity in NIPPs, while the Federal Government owns a 47 per cent stake.

On strategy to build a sustainable Contributory Pension Scheme (CPS) for state governments, which is also capable of clearing outstanding pension liabilities, the communique stated that governors listened to a presentation by the Chief Executive of AVA Capital, Mr. Kayode Falasinnu, and resolved that the settlement of all outstanding pension obligations should be included as part of the social compact with citizens for removal of fuel subsidies.

With respect to the required legal and institutional changes to facilitate a successful CPS transition in all states, “State Commissioners of Finance will be mandated to ensure that states meet guidelines for implementation of CPS by state governments, including the enactment of a pension law, the establishment of a pension board, and the adoption of a transition framework for each state,” the communique added.