The African Development Bank Group yesterday in Abidjan, Côte d’Ivoire, approved a loan of $300 million (N48 billion) to finance the Transport Sector and Economic Governance Reform Programme and the Nigeria Country Strategy Paper (CSP) for 2013-2017.
According to AfDB, the purpose of the loan was to support the Federal Government in accelerating reform implementation in the areas of transport sector governance, and public expenditure management.
The reform measures, it pointed out, included the establishment of a Federal Road Authority, National Road Maintenance Fund, Road-tolling Policy, and Axel Load Control Policy.
The development bank noted that for public financial management reform, the programme involved the adoption of International Public Sector Accounting Standards (IPSAS), Internal Audit Modernisation Plan, Treasuring Single Account (TSA), Government Integrated Public Financial Management (GIFMIS), and Transparency and Compliance in Procurement and Audit Practices.
“The programme will also create fiscal space for increased investment in road infrastructure development. It is an integral part of a broader set of interventions of the Bank designed to support Nigeria’s Transformation Agenda with emphasis to economic governance and infrastructure development,” it added.