By Favour Nnabugwu

The World Bank has approved N15billion (US$75 million) International Development Association (IDA) credit for developmental projects in Edo State. The N15bn credit would be in the form of budget support to finance policy and institutional reforms that Edo State has undertaken to improve its public financial management, increase private investment in land, and significantly improve the quality of the State’s education system.

World Bank’s Country Director for Nigeria, Marie Francoise Marie-Nelly, said that the credit facility would boost the state’s fiscal improvement and service delivery policy operation Marie-Nelly said, “We would like to encourage the Government of Edo to sustain the gains achieved to date by further improving governance and service delivery in Edo State.”

“We expect that this budget support to Edo, like that granted to Lagos state earlier, will have a positive demonstration effect on other states in Nigeria by inspiring them to take on important reforms to build strong systems and institutions that will endure over successive governments,” she added.

She remarked that it was the first in a new series of the World Bank’s yearly development policy financing operations for Edo State’s medium term strategic plan focused on bolstering growth, creating jobs, and reducing poverty.

According to her, “Edo State is strengthening its financial management information system for budget management, strengthening the alignment of the state’s annual budgets to the strategic priorities of the government as well and improving financial accountability through timely audits and the publication of the state government’s audited financial accounts.”

Marie-Nelly believed that the part of the development projects would also ensure professionalization of the state’s procurement function to improve the management of public procurement in the state. She added that some of the reforms in the state would increase private sector access to land for investment and this would focus on establishing a new regime of more competitive land transaction charges to encourage investments in the state which would, in turn, boost growth and employment creation.

“In the area of education, one key reform undertaken by Edo state is the strengthening of governance at the basic education level through the involvement of the established School-Based Management Committees (SBMCs) in the monitoring of teacher and pupil attendance at schools.” She stated that Edo State has been working on improving the quality of Technical and Vocational Education and Training (TVET) to meet the demands and needs of the employment market, and also protect funding for such institutions.