The World Bank has identified $32 million in unaccounted funds within Nigeria’s water sector project, according to its recently released FY2024 Sanctions System Annual Report.
The report revealed that the funds, allocated to improve water infrastructure in the country, were not properly accounted for, leading to a review to ensure the project’s integrity.
The report stated, “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.”
To address the situation, the World Bank collaborated with the project team, including Nigeria’s task team leader, operations manager, and financial management specialist.
As part of the resolution process, the Central Bank of Nigeria has been advised to reimburse $22 million, while $6 million remains in the project account to cover anticipated operational costs.
