The FSP was introduced by the Federal Government in 2016 as part of the measures to tackle the 2015-2016 fiscal crisis.
The fiscal crisis, which was caused by sharp declines in revenue and budget spending, forced the Federal Government to give two bailouts to the state governments.
According to the Federal Government, the plan is also an instrument for reforming the whole gamut of the public sector financial management system spanning the three tiers of government.
The 22-point FSP was acceded to by state governments in 2016 in order to implement fundamental reforms.
The reforms border on taking measures, including instilling a regime of fiscal transparency and accountability, improving Internally Generated Revenue, taming of unnecessary recurrent expenditure and strengthening adherence to debt management guidelines by the states.
The proposed intervention by the World Bank, according to the statement, will involve financing capacity building and providing technical support for officials in the 36 states of the federation.
This will be achieved by equipping them with the requisite knowledge and skills to effectively manage the comprehensive implementation of the components of the FSP on a sustainable basis.
The statement read in part, “The objective was to ensure that the states were put on the path that would lead them out of the situation in which they had to be bailed out or fail to meet their financial obligations for the well-being of the citizenry.” PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I Made Me =N=2.5 MILLION In 7 Days from 2 Common Product I Imported and how you can do the same. Click HERE FOR FREE Details right now Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them REVEALED!! Reduce Your Blood Sugar Level And Reverse Diabetics Within A Short Period Of Time. Click Here To See How Warning: Got Arthritis? 3 Simple Ways To Get Cured And Be Permanently Free From Joint Pains. Click Here To See Them