Following the global economic downturn a development fund from the European Union, EU, worth $100million has been devalued to the tune of $78.4 million.
The funding alongside funding window from the world bank to the tune of $200million is for the State Employment and Expenditure for Results, SEEFOR, Projects.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma has said that an additional European Union funding for the State Employment and Expenditure for Results (SEEFOR) Projects will be utilized for the implementation of projects and programs that would enhance the socio-economic lives of targeted communities as well as improved quality of skills acquired by graduates of participating States.
At the signing ceremony held in Abuja on Thursday, May 12, the Minister while acknowledging the effort of the World bank and European Union, said that the their combined support to Nigeria in areas of trade and economic development stood at £1.3 billion between 2008 and 2014, commitment in energy sector which is still on going stands at £15.5 while commitment to aid the country in the area of economic diversification from oil to non oil stood at €19 billion.
He admonished the project teams at both National and State levels to ensure that the additional funding leads to an increase in number of youths directly employed under the project.
“We expect that this would translate into scaling-up of the project both in terms of scope and coverage as well as improvement in the public financial management reforms.” he said.