The World Bank says it has disbursed $1.45bn from the $1.5b States Fiscal Transparency, Accountability, and Sustainability Programme fund to the coffers of the Federal Government.

The amount, which has been received so far as of December 12, 2023, is meant to assist state governments to achieve fiscal transparency and accountability.

The bank also revealed its plan to extend the programme’s end date to April 2024, in order to deepen the implementation of the sustainability strategy.

This was disclosed in a document obtained from the bank by our correspondent on Wednesday.

The institution said payment was made in two tranches of $737.13m and $717.51m.

The document, however, didn’t state the amount disbursed by the government to its sub-nationals under the programme.

The former Minister of Finance, Budget, and National Planning, Zainab Ahmed, in August 2022, disclosed that the Federal Government disbursed N471.9bn to states.

The SFTAS Programme, initiated on June 27, 2018, was intended to offer performance-based funds and technical assistance to states in order to implement the 22-point Fiscal Sustainability Plan and the Open Government Partnership.

Its goal is to encourage states to dramatically improve outcomes in four key results of fiscal transparency and accountability; strengthening domestic revenue mobilization; raising the effectiveness of public spending; and strengthening debt sustainability.

A total of $1.5bn was committed to the project in two batches of $750m (December 2018 and December 2020) by the World Bank.

Although the money is a grant to state governments, it is a loan to the Federal Government.

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