The Federal Government of Nigeria will forfeit $4 million from a World Bank credit facility after failing to meet key auditing requirements tied to a crucial revenue reform initiative involving the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.
The funds were part of a larger $103 million Fiscal Governance and Institutions Project, which is aimed at improving public financial management in the country. The initiative was financed through a credit line from the International Development Association (IDA), the World Bank’s concessional lending arm.
According to a World Bank restructuring paper dated June 2025, the revenue assurance audit for FIRS and Customs covering the financial years 2018 to 2021 was marked as “not achieved” due to the failure of submitted reports to meet international auditing standards.
Meanwhile, a document from the World Bank, obtained by The PUNCH on Sunday, confirmed the development: “Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018 – 2021 with an allocation of $4m.”
