The Federal Government has officially launched the World Bank FundsChain in Nigeria. This advanced blockchain technology aims to revolutionize how donor-funded projects are managed. Dr. Shamseldeen Ogunjimi, the Accountant-General of the Federation (AGF), unveiled the initiative in Abuja on Tuesday.
The system is part of a broader reform strategy. Its primary goal is to tighten financial controls and eliminate waste in development sectors.
Enhancing Transparency with the World Bank FundsChain
Ogunjimi described the new platform as a groundbreaking step for the nation. Consequently, the system will boost accountability and efficiency regarding project funds. The government is currently onboarding six projects during this initial pilot phase.
The AGF noted that these reforms are crucial for ensuring donor resources are used effectively. Transparency serves as the foundation for building trust with international partners.
To support this, the office has introduced a mandatory Financial Management Manual. This document will now guide all transactions for World Bank-supported initiatives. Therefore, all project coordinators must adopt these guidelines to maintain favorable ratings.
New Protocols for Staff and Loan Management
The government has also agreed on strict new staffing terms to prevent disruptions. Specifically, project financial management staff cannot be removed within six months of a project closing.
This rule aims to prevent undocumented advances and unpaid loans from slipping through the cracks. Furthermore, Ogunjimi insisted on a mandatory three-month transition period. This ensures new officers can learn directly from outgoing managers.
Current collaborations are already yielding positive results:
-
Lapsed Loans: Outstanding amounts dropped from $18 million to $7 million.
-
Reduction Rate: This represents a significant 61 percent decrease.
-
Undocumented Advances: These have fallen by 15 percent.
Mathew Verghis, the World Bank’s Country Director, praised the AGF’s commitment to these reforms. He urged the government to sustain this momentum.
Currently, the World Bank remains the nation’s largest multilateral creditor. As of June 2025, the institution holds $19.39 billion of Nigeria’s external debt.
________________________________________________
