World Bank Uncovers $32M Discrepancy in Nigeria’s Water Sector

The World Bank has identified a $32 million discrepancy in funds allocated to Nigeria’s water sector projects, raising concerns about financial accountability and governance. The irregularities were discovered during an audit of projects financed under the Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program.

According to reports, $22 million of the unaccounted funds is linked to transactions handled by the Central Bank of Nigeria (CBN), which has since pledged to refund the amount. The remaining $10 million is reportedly tied to issues involving state-level project implementations. This development has prompted intensified scrutiny of how funds for critical infrastructure projects are managed.

The World Bank has emphasized the need for Nigeria to bolster its financial management systems and ensure transparency in the utilization of international funding. These concerns come at a time when the water sector is grappling with challenges such as poor access to potable water, sanitation, and hygiene services across the country.

Stakeholders in the water and development sectors are calling for a thorough investigation to identify those responsible and implement reforms to prevent such discrepancies in the future. Meanwhile, the federal government has reaffirmed its commitment to collaborate with the World Bank to resolve the matter and restore donor confidence.