Chad plans to ignore objections from the World Bank and change a law meant to safeguard oil profits for future generations so it can access millions of dollars more quickly.

Under a law agreed with the global lender, touted as a test case in Africa to show that petro-dollars can benefit the poor, 10 per cent of proceeds from crude production were being saved in a special overseas fund meant to fight poverty in the long term.
“The government is going to change law 001 relating to the management of oil revenues,” Chad’s Oil Minister Mahamat Nasser Hassan said. “It is not just about getting access to the 20 billion CFA francs ($36 million) destined for future generations, but about correcting this law and adapting it to the needs of the moment,” he said.
The World Bank had pressed Chad to pass the original oil revenues law in exchange for funding for a $3.7 billion pipeline, which carries crude 1,000 km from the landlocked country to the Gulf of Guinea to be exported.