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The Nigerian government has called on the World Bank to expedite the approval and disbursement of project funds, threatening to cancel any loans delayed beyond six months, the Office of the Accountant-General of the Federation (OAGF) said on Friday.
The Accountant-General of the Federation, Shamseldeen Ogunjimi, made the appeal during a courtesy visit by a World Bank delegation led by Treed Lane, Manager of the World Bank Team.
Ogunjimi stressed that the facilities are loans that the country is obliged to repay, not grants.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he stated.
The AGF emphasised that, as a responsible borrower, Nigeria deserved timely consideration and processing of its funding requests.
He urged the World Bank to fast-track approval processes and ensure the prompt release of project funds to support the country’s development priorities.
Ogunjimi informed the delegation that the OAGF has commenced action on critical issues earlier raised by the World Bank, particularly in the areas of public financial management statements and audit reporting.
He disclosed that 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 is already in progress.
The AGF also assured the delegation that concerns regarding the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are being addressed.
Ogunjimi noted that obsolete infrastructure is being replaced with modern technology to improve efficiency and service delivery.
Lane had earlier in her speech congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.
To improve the smooth operation of public financial management procedures, she also urged the OAGF to continue its efforts to digitise its operations and ensure the timely delivery of expert financial statements.
