The Nigerian government has confirmed the deployment of the World Bank’s blockchain-based FundsChain platform, launching a new phase of financial oversight for donor-funded projects.
FundsChain, piloted in 13 projects across 10 countries, provides tamper-proof, real-time tracking of project funds and is expected to scale to 250 World Bank projects globally by 2026.
Nigeria’s accountant-general Dr. Shamseldeen Babatunde Ogunjimi announced the rollout in Abuja, stating that the system will strengthen transparency, accountability, and efficiency in the management of development funds.
The announcement followed a workshop convened by the Office of the Accountant-General of the Federation (OAGF) to improve reporting standards among project coordinators, accountants, and financial management units.
This project marks a major step in using technology to curb Nigeria’s persistent project fund leakages.
According to Ogunjimi, the government’s new Financial Management Manual will serve as the operational framework for all World Bank-supported programmes, urging strict compliance to curb infractions and sustain favourable project ratings.
Ogunjimi disclosed that ongoing reforms have cut lapsed loans from $18 million to $7 million and reduced undocumented advances by 15%.
Representing the World Bank, senior financial management specialist Akram El Shorbagy commended the OAGF’s efforts and urged sustained institutional support.
The World Bank remains Nigeria’s largest external creditor, holding $19.39 billion of the nation’s total external debt.
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