Kwara State on Monday received $5m (N1.9bn) from the Federal Government for fulfilling the State Transparency, Accountability, and Sustainability (SFTAS)‘s new disbursement-linked indicator related to budget reviews that prioritize COVID-19 economic recovery.
The state won the SFTAS grant for also publishing an approved amended 2020 COVID-19 responsive budget by July 31, 2020, thereby meeting verification protocols for the program, according to a statement by the Commissioner for Finance and Planning Olasumbo Florence Oyeyemi.
“The four requirements in the amended budgets are a revision of gross statutory allocation projections, compared to the original budget; reduction in non-priority overheads and capital expenditures, compared to the original budget; allocation of expenditures to COVID-19 response programs for relief, restructuring, and recovery (with total COVID-19 response expenditures representing at least 10% of the total amended budget expenditures); and identification of the financing sources to fully finance the budget deficit without accumulation of new domestic expenditure arrears,” the statement said.
The fund is meant to support budget implementation.
Kwara State had earlier this year received $5m for meeting verification protocols for the SFTAS program for results for the year 2018.
Assessment for the 2019 SIFTAS compliance is ongoing, with Kwara tipped to perform better in the next round of disbursement.