World Bank uncovers $32m missing funds in Nigeria’s water project

Keep up with latest news and be part of our weekly giveaways and airtime sharing, follow our WhatsApp channel for more update. Click to Follow us

In Nigeria’s water project, the World Bank has discovered $32 million in undeclared payments.

The banks recently released their FY2024 Sanctions System Annual Report, which included this information.

According to the study, the lost monies were meant to improve Nigeria’s water infrastructure but were not properly accounted for, which led to an intervention to protect the project’s integrity.

“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 World Bank worked with the project team, which included the operations manager, financial management expert, and task team leader for Nigeria, in an effort to retrieve the money.

While $6 million is still in the project account to cover expected operating costs, the Central Bank of Nigeria has requested reimbursement of $22 million.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.