World Bank Uncovers $32 Million Discrepancy in Nigeria’s Water Project Funds
The World Bank has reported a discrepancy involving $32 million in funds allocated to a water infrastructure project in Nigeria. The revelation was detailed in the organisation’s FY2024 Sanctions System Annual Report, which highlights global efforts to maintain financial integrity across its projects.
According to the report, the unaccounted funds were intended to improve water infrastructure in Nigeria but lacked adequate documentation, raising concerns about potential mismanagement.
“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report stated.
In response, the World Bank initiated corrective measures by collaborating with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist, to address the issue and safeguard the project’s objectives.
Recovery and Recommendations
The Central Bank of Nigeria has been advised to reimburse $22 million of the missing funds. Meanwhile, $6 million remains in the project’s account to cater to anticipated operational needs, ensuring the project continues without further setbacks.
This intervention underscores the World Bank’s commitment to transparency and accountability in its funded projects, particularly in critical sectors like water infrastructure, which are vital for public welfare and development.
