Report on Interest
under logo

Kwara receives FG’s $5m COVID-19 economic recovery grant

By Monsurudeen Olowoopejo

The Kwara State Government has confirmed the receipt of $5m grant from Federal Government to assist the state recover economically from the impact of COVID-19.
It said that the fund was approved after the State Transparency, Accountability and Sustainability (SFTAS) recommended that Kwara has reviewed its budget to ensure the economy quickly recover from coronavirus impact.
The Commissioner for Finance and Planning Olasumbo Oyeyemi, who confirmed the receipt in a statement made available to newsmen yesterday, the fund was approved to support budget implementation in the state.
The statement reads: “the state won the SFTAS grant for also publishing an approved amended  2020 COVID-19 responsive budget by July 31, 2020, thereby meeting verification protocols for the programme.
“The four requirements in the amended budgets are revision of gross statutory allocation projections, compared to the original budget; reduction in non-priority overheads and capital expenditures, compared to the original budget; allocation of expenditures to COVID-19 response programmes for relief, restructuring and recovery (with total COVID-19 response expenditures representing at least 10% of the total amended budget expenditures); and identification of the financing sources to fully finance the budget deficit without accumulation of new domestic expenditure arrears,” the statement added.
Earlier in the year, it would be recalled that $5m for meeting verification protocols for SFTAS programme for results for year 2018.
Assessment for the 2019 SIFTAS compliance is ongoing, with Kwara tipped to perform better in the next round of disbursement.

Leave A Reply

Your email address will not be published.

%d bloggers like this: