The Federal Government has partnered with the World Bank to introduce a new initiative called the State Action on Business Enabling Reforms (SABER) programme.
This programme is a continuation of the successful States Fiscal Transparency, Accountability, and Sustainability (SFTAS) Programme and aims to enhance Nigeria’s business environment at the state level. The SABER programme will be implemented from 2023 to 2025.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the four-day Federation Account Allocation Committee (FAAC) retreat in Asaba, Delta State.
Mr. Edun stated that the SABER Programme is awaiting approval from the National Assembly as part of an abridged External Borrowing Plan.
The programme’s objective is to incentivize and strengthen the implementation of business enabling reforms including land administration, regulatory framework for private investment in fiber optic infrastructure, public-private partnership and investment promotion frameworks, tax administration, and the business enabling regulatory environment.
Mr. Edun reiterated the Federal Government’s commitment to fiscal and monetary reforms, which will create a conducive business environment, diversify the revenue base, facilitate investment in critical infrastructure, and ensure macroeconomic stability. He expressed confidence that together, the government and the World Bank will build a resilient economy for Nigeria.
He acknowledged the success of the $1.5 billion SFTAS Programme-for-Results, which will conclude in December 2023. He applauded all 36 states for their remarkable achievements in areas such as fiscal transparency and accountability, domestic revenue mobilization, efficiency of public expenditures, and debt sustainability.