FG to forfeit $10m World Bank loan over failure to meet audit standards
[NigerianEye - Nigeria] - 10/06/2025
The federal government is expected to forfeit $10 million from a World Bank credit due to audit shortcomings, delays in launching a national budget portal, and slow implementation of a revenue assurance system. The fund is part of the $103 million fiscal governance and institutions project (FGIP), a public financial management initiative financed through a credit facility from the International Development Association, a lending arm of the World Bank. Details of the borrowing are contained in the World Bank’s June 2025 restructuring paper addressed to the federal ministry of finance (FMF). (…)
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