World Bank urges FG and States to maintain SFTAS results

THE World Bank has called on THE Federal, And State Governments has sustain THE achievements checked in In THE tax reforms initiated below THE States Tax Transparency, Responsibility And Sustainability (SFTAS) And rented government on THE exploit.

THE World Bank Senior Economist, M Samer Matta, WHO do THE recommendation Also called For THE sustainability of results especially by new administrations In THE States through join has THE SFTAS charter sign by Governors In August 2022, commit has continued success.

Matta assigned THE success of THE SFTAS program has THE "deployment of simple but substantial eligibility criteria annually has open THE Program has all States For participation In any of them year but ensure that there East A minimum performance standard For receive subsidies; Manufacturing Technical Assistance available independently of meeting Eligibility Criteria And level of realization of Disbursement Related Results; Robust And credible results verification process; To use of performance based criteria that East non-negotiable And regularly applied; Transparency of results encouraging virtuous peer competition; Active peer learning among States ease by THE FNG; And use of At the state level platforms For A engagement has several policy And technical levels. »

Related Posts

He further Underlines that THE Implementation of SFTAS reforms has improved THE perception of States as having her tax practices, A key postman For capital markets.

This improvement, he note East reinforced by THE availability of more complete And improved tax data, facilitate A more informed, evidence-based dialogue.

MS. Bertine Camp House, World Bank, Stain Team Chief For SABER Also Express optimism that THE SFTAS ideals will be supported even In THE absence of further incentives given THE do that SABER East A natural component of THE sustainability strategy as he will continue has to use two SFTAS Eligibility Criteria: "THE timely publication of National Chart of Account compliant budgets, And THE timely publication of IPSAS compliant checked financial declarations, as GOOD as raise THE SFTAS result on THE timely publication of A debt sustainability report has eligibility criteria. »

Already THE Federal Government has reaffirmed It is commitment has improvement tax reforms has THE subnational level by functioning diligently has sustain collaboration with THE States And International development the partners through programs such as THE World Helped by the bank States Tax Transparency, Responsibility And Sustainability (SFTAS) program, which has brought A plot of reforms that help has to strenghten State Governments' approach has governance And public finance management.

THE affirmation was given by THE Minister of Finance And Coordination Minister of THE Economy, Wales Edun, has THE opening of A Four days retirement with THE theme " Create A Resilient Economy through Diversification of THE Nation Income'' organized by THE Federation Account Allocation Committee (FAAC) In Asaba, Delta Status.

THE FAAC East A statutory Committee chaired by THE Minister of Finance And coordination Minister of THE Economy with THE General accountant of THE Federation (AGF), Commissioners of Finance of THE 36 States of THE Federation, representatives of THE Income Mobilization, Allocation And Tax Commission (FMAFC) And Income Generator Agencies (RGA) among others as members.

Edun, WHO was represented by THE Permanent Secretary, Special Homework (PSSD) In THE Ministry, M Okokon You make, observed that THE $1.5 billion SFTAS Program for Results, which ends In December 2023 has come of age with outstanding achievements checked in by all THE 36 States In key result areas.

He appointed THE areas as: "Tax transparency And responsibility; Domestic income mobilization; Efficiency of public expenses And Debt sustainability. We hope And encourage THE Subnationals has continue with these commendable reforms beyond THE SFTAS period.

HAS This END, he stress that THE Federal Government as always, remains engaged has THE tax And monetary reforms that THE administration has begin, which aiming has provide A allow business environment, to diversify THE income base of THE economy, create tax space For investment In critical Infrastructure And ensure macroeconomic stability. "Together, We duty collectively build A resilient economy For Nigeria".

Edun revealed that following THE success history of SFTAS, THE Federal Government In collaboration with THE World Bank has come up with another program called "State Action on Business Activation Reforms (SABER)" which will Effectively run Since THE year 2023 has 2025.