MBy Tony Obiechina Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has underscored the rationale behind constant monitoring and evaluation of donor-funded projects in the country.
She was speaking at a three day retreat with the theme: “Process of Optimization in Donor-Financed Projects in Nigeria”, organised by the Ministry for National Assembly members in Lagos.
According to the Minister, the retreat was important as the Ministry is saddled with the responsibility of managing the country’s financial inflows and outflows to deliver planned projects for sustained growth and national development.
She noted that one of the critical sources of funds for the execution of key projects in Nigeria is through donor financing, especially, from multilateral bodies such as the World Bank and the African Development Bank.
As such, she said it is critical to ensure that through monitoring and evaluation, these projects are properly executed to achieve it’s economic gains.
“However, notwithstanding the efforts and resources committed in procuring development financing for critical sectors of the economy to boost human capital development, improve infrastructure and service delivery as well as strengthen governance and institutions, the country appears not to have made the desired progress in this direction. Much still remains to be streamlined.
“It is important to mention that when borrowed funds fail to be properly utilized, and to deliver on planned development objectives, growth is impaired and economic development is 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. Accordingly, Nigeria ranks low compared to other nations of the world in terms of the level of implementation of World Bank funded projects.
“It is public knowledge that there have been increased public agitations against rising foreign debts levels. This has put immense pressure on government to ensure prudent management of resources, and improve transparency and accountability in the utilization of funds from Donor Agencies for maximum positive impact on the economy,” the minister further explained.
Mrs. Ahmed used the occasion to announce that she has constituted a Taskforce on Disbursement in Donor-Funded Projects in Nigeria.
She said the Term of Reference (ToR) of the Taskforce is to evaluate, review and chart a fresh course to significantly increase disbursement levels in donor-financed projects in the country.
It is to also work with relevant stakeholders to facilitate various approval processes for donor-assisted projects before final approval from the National Assembly.
She pointed out that retreat organized by the Ministry for the Chairmen and members of the two relevant Committees of the National Assembly is in furtherance of our efforts towards unraveling the challenges associated with the implementation of donor-financed projects with a view to evolving ways to improve execution levels for national growth and development.
She added that in synergy with the National Assembly as critical stakeholders, the retreat would provide a veritable platform for all to ex-ray the issues and resolve to tackle them headlong.
