The Federal Government has warned that it may cancel World Bank loan arrangements that remain unapproved for more than six months, citing concerns over prolonged delays in the release of development funds.
The warning was issued by the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, on Friday during a meeting in Abuja with a delegation from the World Bank led by the institution’s team manager, Treed Lane.
According to a statement released on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, the government urged the global financial institution to speed up its approval and disbursement procedures for projects involving Nigeria.
Dr. Ogunjimi stressed that the facilities being sought by Nigeria are loans that must eventually be repaid and should therefore be processed within a reasonable timeframe.
He warned that extended delays in approving funding requests could affect the government’s willingness to proceed with such arrangements.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” the Accountant-General stated.
He explained that Nigeria, as a responsible borrower, deserves timely treatment and efficient handling of its loan applications.
The Accountant-General also appealed to the World Bank to accelerate the release of project funds needed to support critical development programmes across the country.
During the meeting, Ogunjimi informed the delegation that the Office of the Accountant-General had already begun addressing several concerns previously raised by the World Bank, especially in the area of public financial management and audit reporting.
According to him, the 2023 Audit Report will be forwarded to the Office of the Auditor-General for the Federation within the next two weeks.
He added that work on the audit reports for 2024 and 2025 was already underway as part of efforts to strengthen accountability and improve financial reporting systems.
The Accountant-General further disclosed that the government is taking steps to modernise the Government Integrated Financial Management Information System (GIFMIS).
He noted that outdated infrastructure within the system is being replaced with modern technology to improve operational efficiency and service delivery across government institutions.
In her remarks, Treed Lane congratulated Dr. Ogunjimi on his recent appointment as the African Chairman of the Association of Accountants-General.
She also encouraged the Office of the Accountant-General to sustain its reforms, particularly in the area of digital transformation and timely submission of financial statements.
Lane said improved financial reporting and digitalisation would help strengthen public financial management processes and promote transparency within government operations.
The latest development comes amid Nigeria’s continued engagement with international financial institutions to secure funding for infrastructure, economic reforms and other development projects.
