Nigeria aims to tighten control over World Bank project spending. The Office of the Accountant General of the Federation (OAGF) recently outlined planned reforms designed to improve transparency and accountability. These changes impact how World Bank-funded initiatives operate within the country.

A Financial Management Manual (FMM) is now in place. This document intends to standardize financial dealings on these projects. Project coordinators and accountants should use it; the goal to minimize errors and maintain a good standing with the World Bank.

The World Bank is also launching “Funds Chains,” a blockchain-based platform. This should introduce greater openness and efficiency, starting with six pilot projects. It’s a significant tech upgrade; whether it fully addresses on-the-ground challenges remains to be watched.

One interesting decision involves staff continuity. The OAGF and World Bank have agreed to limit personnel changes close to project completion. New officers should also overlap with the old ones for a period of at least three months, a clear effort to prevent projects from stalling.

Lapsed loans and undocumented advances are issues. The OAGF claims to have reduced outstanding lapsed loans significantly, alongside a reduction in undocumented advances. These are positive steps, but continuous monitoring and enforcement are essential. Project teams can expect further communication on these matters.

The World Bank seems supportive. Their Country Director acknowledges the OAGF’s actions and hopes for continued collaboration. Still, actions speak louder than words, it’s how these reforms work on a practical level that truly counts.

Having seen similar initiatives before, I’m cautiously optimistic. The devil, as always, will be in the details of implementation and oversight. Will these reforms truly transform project management, or will they just add another layer of bureaucracy? Time, and rigorous follow-through, will tell.

Keywords: Nigeria World Bank projects, World Bank project spending, OAGF reforms, Financial Management Manual, Funds Chains blockchain, lapsed loans, undocumented advances, project transparency Nigeria