WORLD BANK REINFORCES SUPPORT FOR LAGOS STATE REFORM The World Bank has announced the approval of concessionary loans of US$42.3 million for the Lagos EKO Secondary School Project and another sum of US$200 million in budget support for Lagos State. The Bank announced the approval of International Development Association (IDA) credit of US$42.3 million to the Lagos EKO Secondary Project (Lagos EKO Project); which is an addition to an original credit of US$95 million, which systematically benefitted over 620,000 students a year in 667 public secondary schools in Lagos State for the period 2009-2013. The World Bank noted that the Lagos EKO Project has achieved significant results both in terms of the quality of education received as well as the success rates in examination in the schools. The Bank noted that the effect has seen students score from beneficiary schools going up from 30% to 70% in English; 31% to 45% in Mathematics and from 27% to 65% in Basic Sciences. It further remarked that the results of the June 2013 West Africa School Certificate external examinations showed that 41% of students from beneficiary schools passed five credits and above, as compared to just over 18% before the Lagos EKO Project was implemented. The project has built a critical pathway for students from low-income backgrounds to gain access to good-quality secondary education, the Bank further confirmed. The World Bank also announced that its Board’s unanimously approved a US$200 million budget support facility for Lagos State. This facility, being the second in the series of a three tranche Development Policy Operation (DPO) is in support of reforms pertaining to fiscal sustainability, budget planning, budget execution and the improvement in the State’s investment climate. The World Bank noted that over the last decade, Lagos State has undertaken a wide range of reforms that have improved governance, reduced crime, and helped to bring millions out of poverty. The Bank further remarked that the DPO programme is to assist Lagos State in sustaining the strong momentum it has achieved in improving public services and reducing poverty. Marie Francoise Marie-Nelly, the World Bank Country Director for Nigeria, said “Lagos State has sustained rapid growth and achieved what many would not have believed possible, and has managed to reduce its poverty headcount from 57% in 2004 to 23% in 2010”. Speaking on the significance of the two loan facilities’ approval by the World Bank, Lagos State Commissioner for Finance Ayo Gbeleyi said this is yet another eloquent acknowledgement of the stellar performance of the Babatunde Raji Fashola’s (SAN) Administration and its positive and purposeful leadership that has continued to bolster the living standards and socio-economic well-being of the ordinary Lagosians as well as strengthen the investment climate, thus making Lagos a friendly and choice investment destination in the West African sub-region. This is also coming at a time when an International Rating Agency, Fitch Ratings on 21 March 2014 in its report released concurrently in London/Milan/Frankfurt reaffirmed its Long-term Foreign and Local Currency Issuer Default Ratings at “BB- Stable Outlook” for the State with simultaneous National Long-term Rating remaining at “AA (nga) Positive Outlook” for the second year running. This, the Finance Commissioner said further speaks to the State’s continued fiscal prudence and sustainable public financial management strategy, even in the face of dwindling federal allocations to the State. There is therefore no denying the fact that the Administration’s concerted efforts in implementing people-centred policies and programmes and its steady journey towards actualizing the vision of making Lagos Africa’s model megacity is sure-footed and right on course, Gbeleyi added.
Posted on: Mon, 07 Apr 2014 20:25:38 +0000
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