The Federal Government has stated that Nigeria will need $10 billion a year in funds to implement the Sustainable Development Goals.
This revelation was made public on Tuesday during the National Economic Summit being held in Abuja by the Senior Special Advisor to the President on SDGs, Mrs. Adegoke Orelope-Adefulire.
Speaking on the theme “Half Point to 2030: Rethinking the Strategy Towards Achieving the SDGs,” she said the government must first put the Addis Ababa Agenda, which is dependent upon funding the SDGs, into effect.
The special adviser claimed that neither the federal government nor the local governments have enough money to finance the SDGs annually and so extra funding must be sought.
“The main issue at hand is how to find the $10 billion in annual funding needed to support the SDGs, as the combined budgets of the federal and subnational governments in Nigeria are unable to cover even half of that sum.
“Therefore, it is necessary to get funding from both the public and private sectors and what we must do is widen the tax base. Invite people from outside the network.
“We also need to solicit help from donors and the corporate sector. It is crucial that the sub-nationals buy-in, particularly the states and municipal governments. Engagement with subnationals is crucial. They must understand that in order to fulfill our social contract, we must work together.”
The United Nations representative, Mr. Nonso Obikili, emphasized the importance of utilizing technology to enhance services.
He added that the sub-nationals have integrated into the national data system and have raised their level of awareness.
“We can’t advance in the integrated public finance until we come together. We support the private sector’s augmentation of the public sector. They must mobilize their resources and invest through corporate social responsibility.
He elaborated on the fact that sub-national organizations have started working with the federal government in partnerships to streamline their data, employing digital tools in the process.
He claimed that using this approach would lead to a more transparent and easily carried out execution of the SDGs.
“Sub-nationals and the Federal Government must now work together and participate in the data process. We are making sure everyone is committed to the project. To reach every nook and cranny, the infrastructure needs to be updated, and rural leaders must be involved.
“Sub-nationals must assume responsibility and collaborate closely with us so that we can understand what each must do. We are currently experiencing some peace.
Working with the business sector and donor organizations, I’m confident we’ll make progress,” he said.