The World Bank has revealed that $32 million meant for Nigeria’s water infrastructure project is unaccounted for. This finding was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report.
The report indicated that the funds, intended to improve water infrastructure across Nigeria, were not properly accounted for, raising concerns about the project’s financial integrity. The World Bank’s Integrity Vice Presidency (INT) identified the irregularities and flagged them for further investigation.
“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.
To address the issue, the World Bank engaged directly with the project team in Nigeria. Discussions involved the task team leader, operations manager, and financial management specialist, aiming to recover the missing funds and safeguard the project’s progress.
As part of its recommendations, the World Bank advised that the Central Bank of Nigeria reimburse $22 million of the funds. Meanwhile, $6 million remains in the project’s account to cover ongoing operational expenses.
This incident underscores the need for stronger oversight and transparency in the management of development funds in Nigeria’s critical sectors.
