Fiscal Governance and Institutions Project (WB-P163540)

Countries
  • Nigeria
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 27, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Federal Republic of Nigeria
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 125.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 125.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Sep 13, 2018

Disclosed by Bank Sep 29, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The development objective of Fiscal Governance and Institutions Project for Nigeria is to improve the credibility of public finance and national statistics. The project consists of the following four components. 1) The first component, Strengthening revenue management, aims at enhancing oversight of revenues accruing to the Federation account; and strengthening revenue analysis and forecasting to help retrieve unremitted revenues and improve revenue outturn. It has the following two subcomponents: (i) Strengthening of the oversight of Federation revenue through external and internal auditing; and (ii) Strengthening revenue analysis and forecasting. 2) The second component, Strengthening controls, transparency and accountability in the use of public funds, aims at operationalizing the Government Integrated Financial Management Information System (GIFMIS) for payment controls, cash management and budget execution Monitoring and Evaluation (M and E), strengthening Public Investment Management (PIM) and improving transparency and efficiency in the use of public funds through enhanced procurement and the quality of budget information. It has the following three subcomponents: (i) Operationalization of the GIFMIS for budget management and reporting; (ii) Strengthening PIM; and (iii) Improving transparency and efficiency in procurement, and the quality of budget information. 3) The third component, Strengthening economic and fiscal statistics, aims at generating and validating economic statistics and reconciling them with fiscal data. It has the following two subcomponents: (i) Improvement of economic statistics; and (ii) Reconciliation, validation, archiving, and dissemination of official statistics. 4) The fourth component, Implementation support, aims to finance the activities and functioning of the implementation framework.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Federal Ministry of Finance
Aliyu Ahmed
Director, International Economic Relation Department
aliyu.ahmed@finance.gov.ng

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

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How it works