The fund, according to World Bank was for the Second Pool of Long-Term Investment (PLT12) implemented under the Ibadan Flood Management Project (IUFMP).

Contained in a July 30 letter to the Oyo State governor, Engr. Seyi Makinde, signed by the Country Director for Nigeria, Western and Central African Region, Shubham Chaudhuri, the World Bank regretted that it had no choice but to determine that the project no longer has a credible path for substantial completion of PLT12 lots with IDA financing.

A copy of the letter obtained by The Nation reads in part: “I regret that we have had no choice but to determine that the project no longer has a credible path for substantial completion of PLT12 lots with IDA financing.

“Accordingly, and notwithstanding Oyo State commitment to fund any unfinished works beyond June 30, 2022, we hereby withdraw our conditional no objection for the PLT12 BERs, effectively making our funding unavailable for such contracts.

“We are constrained to inform your Excellency that, in coordination with the Federal Government, we intend to initiate the cancellation of the corresponding IDA loan proceeds of US$50.1 million”, it continued.

The World Bank, also noted that it remained committed to supporting the first phase of the flood project “to ensure that the remaining tasks are completed timely and to the highest standards”.

It would be recalled that a non-government organisation – the Ibadan ‘Koya, had earlier in February warned that the state may lose the opportunity over delays in announcing the contractors.

The NGO’s coordinator, Oladele Morufu and Secretary, Joel Adeoye, said in a statement on Tuesday, “one would have expected the project implementation unit (PIU) of IUFMP and Oyo State Government to work assiduously towards a full implementation of the project’s programme of works, so as to ensure achievement of the anticipated outcomes of community flood resilience in Ibadan and environs.”

The post Why World Bank cancelled N26b Oyo flood project first appeared on MegaIcon Magazine.

The post Why World Bank cancelled N26b Oyo flood project appeared first on MegaIcon Magazine.