Financial Sector and Public Financial Management Development Policy Credit

closed

Closed

The objectives of the Development Policy Credit (DPC) Program for Nigeria are: (i) maintaining confidence and stability in the financial system; (ii) strengthening the banking system; and (iii) supporting the objectives of the 2009 budget focused on raising Government investment spending to accelerate non-oil growth. The DPC will support the Government's efforts to maintain its current reform path and limit the crisis impact on the non-oil economy. The policy actions supported by the credit aim at sustaining a stable and sound financial sector, maintaining sound management of oil revenues, refocusing budgetary expenditures on investments addressing growth bottlenecks for the economy, and continuing reform efforts in the area of public financial management. In particular, the monetary authorities have taken aggressive measures to provide sufficient liquidity to the banking system, and advanced measures to tighten bank oversight as part of a medium-term financial sector reform program. The Government has approved a 2009 budget that uses a conservative oil price, reprioritizes spending toward capital outlays, and taken measures to accelerate execution of capital spending. At the same time, reforms continue in improving transparency and accountability, and ensuring value for money in procurement. Going forward the credit identifies a set of medium term actions required to support implementation of the identified structural reforms. These relate to both strengthening the financial sector, macroeconomic management and public financial management and procurement. These actions discuss and endorsed by the authorities-lend themselves to monitoring. Their realization will be crucial to maintaining the momentum for reform supported by this credit and to achieving the envisaged structural outcomes.

FY17 - Financial Sector,FY17 - Public Administration

World Bank Group

Project

Oil and Gas, Residential, Government