The Accountant-General of the Federation, Dr Shamseldeen Babatunde Ogunjimi, has warned that Nigeria may begin rejecting loan facilities from the World Bank if delays in approval and disbursement continue.
Ogunjimi issued the warning on Friday during a courtesy visit by a World Bank delegation led by Mrs Treed Lane in Abuja. He stressed that the facilities are loans, not grants, and prolonged bureaucratic processes could make them unattractive to the Nigerian government.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” the AGF said.
He noted that as a responsible borrower, Nigeria should not be subjected to extended approval timelines that hinder project execution and national development goals.
The AGF therefore called on the World Bank to expedite the processing and release of funds to align with the country’s fiscal planning and project schedules.
Ogunjimi disclosed that his office is addressing key issues previously raised by the World Bank, including improvements in public financial management.
He said the 2023 Audit Report would be submitted to the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 reports is already in progress.
He also assured the delegation of ongoing efforts to digitalise the Government Integrated Financial Management Information System by replacing obsolete infrastructure with modern technology to enhance efficiency, transparency, and accountability.
The World Bank delegation leader, Mrs Treed Lane, congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General and urged sustained progress on digitalisation and timely submission of financial statements.
This warning comes amid reports that several World Bank loans approved for Nigeria are yet to be disbursed, despite significant commitments in recent years.
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