The Federal Government has called on the World Bank to accelerate the approval and disbursement of project funds to Nigeria, warning that any loan arrangement delayed for more than six months could be cancelled.
The warning was disclosed in a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
According to the statement, the Accountant-General of the Federation, Shamseldeen Ogunjimi, made the appeal in Abuja during a courtesy visit by a delegation from the World Bank led by its team manager, Treed Lane.
During the meeting, Ogunjimi emphasised that the funding facilities requested by Nigeria are loans that must eventually be repaid and should therefore not be subjected to prolonged approval timelines.
He stressed that unnecessary delays in processing the facilities could weaken the Federal Government’s interest in pursuing such financing arrangements.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” the Accountant-General stated.
Ogunjimi noted that Nigeria, as a responsible borrower, deserves prompt consideration and timely processing of its requests by international financial institutions.
He urged the World Bank to simplify and accelerate its internal approval procedures to ensure quicker disbursement of project funds needed to support Nigeria’s development priorities.
The Accountant-General also informed the delegation that the Office of the Accountant-General of the Federation had already commenced actions to address several concerns previously raised by the World Bank, especially those relating to public financial management and audit reporting.
According to him, the 2023 Audit Report will be submitted to the Office of the Auditor-General for the Federation within the next two weeks.
He further disclosed that work on the 2024 and 2025 audit reports is already ongoing as part of efforts to strengthen accountability and improve financial transparency within government operations.
Speaking on reforms within the treasury system, Ogunjimi assured the World Bank delegation that concerns regarding the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are currently being addressed.
He explained that outdated infrastructure is being replaced with modern technology aimed at improving operational efficiency, accountability, and service delivery across government institutions.
Earlier in her remarks, the leader of the World Bank delegation, Treed Lane, congratulated Ogunjimi on his recent appointment as the African Chairman of the Association of Accountants-General.
She also encouraged the Office of the Accountant-General of the Federation to sustain ongoing reforms focused on digitalising operations and ensuring the timely submission of professional financial statements to the Office of the Auditor-General for the Federation.
According to her, such measures are necessary to strengthen efficient and transparent public financial management processes in the country.
