The Nigerian government risks forfeiting $4 million from a World Bank loan after failing to meet key audit standards in major revenue-generating agencies like the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service. This was revealed in a World Bank restructuring paper dated June 2025. At an exchange rate of ₦1,568 to the dollar, the amount—approximately ₦6.2 billion—could have been used to address part of Nigeria’s infrastructure challenges. The fund was part of the $103 million Fiscal Governance and Institutions Project, a public financial management programme funded through a credit facility from the International Development Association. According to the report, the revenue assurance audit for FIRS and Customs covering the 2018–2021 financial years was deemed “not achieved,” as the submitted audit reports failed to meet international standards. The $4 million allocation was specifically earmarked for auditing the main income-generating agencies, including FIRS and the Nigeria Customs Service, over the four-year period. “These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.” Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds. “The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read. Further review reveals that \$4.5 million was linked to the unfinished Revenue Assurance and Billing System, while \$1 million was earmarked for the creation of a National Budget Portal. The document indicates that the Budget Office of the Federation, which was tasked with developing the portal, failed to provide any evidence of progress or completion. Additionally, \$900,000 in technical assistance funds remained unutilized and has now been cancelled.