- FG has expressed concern that Nigeria is not doing enough in helping the world bank implement planned projects in the country
- An in-depth review of the level of implementation of the entire development projects revealed that delays in the execution of donor-funded projects
- Nigeria relies heavily on multilateral bodies such as the World Bank and the AfDB in carrying out some key projects in the country
The federal government has declared that compared to other nations of the world, Nigeria ranks low in terms of the level of implementation of World Bank and other donor-funded projects, the Punch reports.
The Minister of Finance, Budget and Nation Planning, Zainab Ahmed, made this disclosure at a retreat for members of the National Assembly on process optimization in donor-financed projects in Nigeria.
According to her, the implementation process is affected by challenges such as bureaucratic bottlenecks, capacity challenges, political interference, and obtaining varied and misaligned approvals processes between local authorities and development partners.
The conference with theme, “Process optimisation in donor-financed projects in Nigeria,” is part of efforts to foster a new level of synergy and collaboration with the National Assembly to further accelerate the level of implementation of donor financed programmes and projects in Nigeria.
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ThisDay reports that the minister said the need to organise the retreat is predicated on the government’s desire to deliver planned projects for sustained growth and national development.
The minister while admitting the funding gap said that when borrowed funds were not properly utilised, growth was impaired and economic development distorted.
“An in-depth review of the level of implementation of the entire development projects reveal that delays in the execution of donor-funded projects stems from factors including bureaucratic bottlenecks, capacity challenges, political interference and challenges associated with obtaining varied and misaligned approvals processes between our local authorities and development partners.
Railway, satellite lead list of 15 projects Nigeria agreed N2.50trn loan with china
Meanwhile, the Debt Management Office (DMO) has announced Nigeria’s overall public debt has risen to N38 trillion as of September 30, 2021.
The loan from China is one area many Nigerians are interested in amid stories of assets being seized from nations unable to repay their debt.
DMO has now released a thorough analysis of loans received from China in the last 13 years, including how much has been returned and for what projects the funds were obtained.