Anambra Moves To Access N70Bn Stabilisation Fund
The Anambra governance has requested for N70 billion as stabilisation fund for security, infrastructure and economic development.
Stabilisation fund is fund given to states by the federal government as grant and is neither interest based or refundable.
Ms Chiamaka Nnake, the Secretary to Anambra Government presented before the Commission’s Indices and Disbursement Committee during a technical session of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in Abuja.
A Statement from from RMAFC on Thursday confirmed the request by the Anambra government.
It quoted Nnake, as saying that the fund would provide additional financial resources to support the government’s efforts in security, infrastructure and economic growth if approved.
“The final decision will depend on the outcome of the Commission’s technical assessment and the applicable approval procedures,” it said.
The Statement said Committee Chairman and Federal Commissioner representing Lagos State, Prof. Olusegun Adekunle Wright, commended the Anambra government for formally presenting its financial challenges and development priorities for consideration.
Wright said the Stabilisation Fund serves as a fiscal intervention mechanism designed to provide financial assistance to states facing deserving circumstances, subject to established guidelines, availability of funds and the necessary approval processes.
He said the requests for intervention must undergo a rigorous evaluation process, beginning with a formal presentation to the Commission, followed by an on-the-spot assessment of the proposed projects.
According to him, the Committee will scrutinise the state’s financial records, assess the viability and estimated costs of the proposed projects, examine implementation requirements and evaluate their potential socioeconomic benefits to the people of Anambra State.
“This technical presentation does not amount to automatic approval of the N70 billion request, further verification, assessment and possible recommendations to the Commission’s plenary would be required,” he said.
