Nigeria’s Accountant-General Shamseldeen Ogunjimi, has warned that Nigeria may reject loan facilities from the World Bank if delays in approval and disbursement persist.
The press statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that prolonged timelines could undermine the country’s willingness to proceed with such arrangements.
Ogunjimi told the World Bank delegation led by Mrs Treed Lane, that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.
He noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives.
He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.
Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.
He further disclosed that the Office of the Accountant-General of the Federation has started addressing key issues raised earlier by the World Bank, particularly in public financial management and audit reporting.
According to him, the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 audit reports was already underway.
The AGF also assured the delegation that steps were being taken to resolve concerns around the digitalisation of the Government Integrated Financial Management Information System, noting that obsolete infrastructure was being replaced with modern technology to improve efficiency and service delivery.
He said that the reforms were part of broader efforts to strengthen transparency, accountability, and the overall public financial management system in Nigeria.
Earlier in her remarks, the World Bank delegation leader, Mrs Treed Lane, congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.
Lane also urged the Office of the Accountant-General to sustain its digitalisation drive and ensure the timely presentation of financial statements to the Auditor-General, noting that such measures were critical to achieving seamless public financial management processes.
The World Bank earlier explained why about six loans worth $2bn, signed for Nigeria in 2024, are yet to be disbursed nearly a year after the bank’s approval.
GIK/APA