The Nigerian Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has revealed plans by the Federal Government to set up a multi-donor trust fund after arrangements for the Donor Coordination Unit (DCU) must have taken root in coming weeks.
The trust fund, according to the minister, would ensure best value for all donor assisted activities in the country, while the DCU would be co-chaired by herself and the Minister of State for Budget and National Planning, Clem Agba.
This was contained in a statement issued by the Director, Information in the ministry, adding that the finance minister said this at a High-Level roundtable meeting on National Donor Coordination held in Abuja on Wednesday.
She said: “We will be engaging towards setting up a Donor Coordination Unit to be chaired by the Minister of Finance, Budget and National Planning, and co-chaired by the Minister of State, Budget and National Planning, and the Chair(s) of the Donors Coordination Committee.
“We will task the DCU to develop a road map toward setting up a Multi-Donor Trust Fund to be managed by the World Bank, which will pool donor funds to enhance transparency and accountability.
“Aid is most effective when it is well-coordinated, with mutual accountability mechanisms for government and donors. Above all else, it must be aligned with government’s strategic development priorities.
“While we have made some progress in coordinating aid in specific areas such as in the North East intervention and the Social Investment Programmes, we still have a long way to go in ensuring a government-led mutual accountability framework for aid coordination in Nigeria.”
The minister also revealled that preparation for the 2020 budget has begun, adding the fiscal document would be sent to the National Assembly at the end of September.
Ahmed said: “The 2020 Budget preparation process is well-underway, and we intend to finalise and submit the 2020 appropriation bill to the National Assembly by the end of this month.”