Members of the UN General Assembly Leading Group on Innovative Financing (LGIF) have commended Nigeria for its inspiring leadership of the 63-nation strong body in the promotion of creative financing mechanisms to complement development aid.
Delegates from member nations of the Leading Group comprising France, Finland, Italy and international organisations who spoke at the 68th United Nations General Assembly's side event in New York organised by the Group stressed that the Nigerian Presidency of the Leading Group which began in March 2013 has offered aggressive promotion of the role of innovative financing in the implementation of the post-2015 development agenda.
The initiatives include consistently promoting useful expert reports produced by the LGIF in such critical sectors as education, health, food security, illicit flows and climate change as well as leading in the initiative that produced a draft UN resolution on innovative financing.
In his address at the session, the Minister of State for Works/Supervising Minister for National Planning, Bashir Yuguda said that Nigeria’s presidency came at a time when issues on financing the post-2015 agenda have continued to dominate international discourse.
Yuguda explained that the Group has conceptualized some visible and steady sources of fund generation for development to complement the support from the Official Development Assistance (ODA).
“We believe that besides Official Development Assistance (ODA) and financial flows from northern industrialised countries which have remained central to development funding, there is need to harness other resources with great potential which will contribute towards financing development substantially. The set of options for innovative financing mechanisms which have been provided by the leading group is one of them,” Yuguda stated.
Another concrete contribution from the leading group under the Nigerian presidency, he disclosed is a draft resolution dedicated to innovative financing which will be presented during the 68th United Nations General Assembly. Adding, ‘the resolution focuses on the role of innovative financing in the implementation of the new agenda for development.’
He indicated that the innovative financing mechanisms adopted include - the air ticket tax and effective management of aid under a newly reviewed ODA policy in line with government’s Transformation Agenda and the long term development blueprint known as the Nigeria Vision 20:2020.
The minister explained that the air ticket sales tax is charged on every ticket originating from Nigeria and is deployed towards ensuring high safety standards, provision of aviation infrastructure and manpower development.
“The Leading Group is a platform consisting of 63-member countries at various levels of development as well as international organisations and NGOs seeking to promote the definition and implementation of innovative financing mechanisms.
Through its innovative financing agenda, the Group has conceptualised predictable and stable mechanisms for raising funds for development to complement ODA,” Yuguda said.
Bashir Yuguda averred that at the 11th plenary hosted by Finland in February 2013, Nigeria assumed the presidency of the group, thereby becoming the focal nation for promoting innovative financing mechanisms.
Delegates who spoke at the 68th Session of the UN General Assembly’s side event in New York on Tuesday September 24, 2013 emanated from the United Nations, France, Finland, Chile and Italy as well as international organisations - OXFAM, UNDP and the Bill and Melinda Gates Foundation.
Source :#FMI
No comments:
Post a Comment