To alleviate the current hardships being experienced by Nigerians, Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, revealed that the Federal Government is implementing social intervention and palliatives. Bagudu made the remarks in Abuja during a visit by the World Bank Country Director, Mr. Shubham Chaudhuri, and his team. In addition, he lauded the World Bank for helping the country’s economy by coordinating funding from various donors, particularly the European Union, so that better governance could be provided to the people.
The minister provided an overview of the various spheres in which the World Bank had provided help to the Nigerian government over the years. These spheres included technical assistance, social and economic development, pipeline projects, microeconomic analysis, and international collaboration. He reiterated that the current actions being taken by the administration of President Bola Ahmed Tinubu to re-establish Nigerian economy will soon be recognised by the people when the reforms ultimately become mature and materialise.
Social intervention, along with palliatives, will enhance the economy.
According to him, the government is already carrying out social intervention along with palliatives to guarantee that the current economic changes in the nation do not bring excruciating suffering to the public or paralyse the activities of the economy. He also gave the assurance that the Federal Government would bolster its relationship with the World Bank in all aspects of blended development as well as impactful implementation of projects for the benefit of citizens and residents of the country.
During his speech, the Country Director for the World Bank highlighted that the primary objective of the organisation is to aid in transforming Nigeria through the stimulation of private investment and the creation of employment opportunities, as well as through the investment in children and the creation of possibilities for Nigerian youth and women. He stated that in addition to giving financial help to the federal government, the World Bank will also support the country in the areas of idea creation.
Several supports and idea sharing are provided for the country.
More so, they are not only providing financial support; they are doing it with the expectation that they can also contribute some experiences gleaned from other countries. In the case of Nigeria, they have been providing funding for various activities, including those focused on schooling, economic growth, and electricity provision for rural areas. They have backing from a wide variety of organisations. Specifically, they talked with the minister, outside of the realm of finances, about what they might accomplish with ideas from other countries.
In addition to this, they investigated the vital role that budgeting and economic planning play, the function of the budget, and the best way to ensure that public funds are used effectively. About 220 countries throughout the world are served by the World Bank operations. Therefore, one of their responsibilities is to talk about their past experiences. Because what is successful in Indonesia might also be applicable in Nigeria. They have this goal in mind for this location.
Public funds are utilised in an effective and efficient manner.
Lastly, they also discussed Nigeria Cash Programme and other ongoing activities being carried out by the states. According to him, the ministry is responsible for coordinating these programmes not just for the federal government but also for sub-national governments. The Country Director for the World Bank in Nigeria stressed how important it is for the Federal Government to ensure that public funds are utilised in an effective and efficient manner for the benefit of the Nigerian people as a whole.