- Ogunjimi therefore urged the World Bank to accelerate approval and release of project funds
- The Accountant-General also revealed ongoing reforms within his office aimed at improving public financial management
- He noted that the 2023 audit report would be forwarded to the Auditor-General for the Federation within two weeks
Nigeria’s Accountant-General of the Federation, Shamseldeen Ogunjimi, has warned that the country may reconsider its borrowing relationship with the World Bank if delays in loan approvals and fund disbursement continue.
Eko Hot Blog gathered that the caution was contained in a statement released on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
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Speaking in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, Ogunjimi stressed that Nigeria expects faster processing of loan requests, noting that such facilities are borrowed funds that come with repayment obligations.
He said extended approval timelines, especially those exceeding six months, could discourage the government from continuing with such financial arrangements.
According to him, Nigeria, as a responsible borrower, should not be subjected to delays that could disrupt project implementation and national development plans.
Ogunjimi therefore urged the World Bank to accelerate approval and release of project funds to ensure alignment with Nigeria’s fiscal planning and development priorities.
He explained that loan disbursements must match project timelines since the country is expected to repay the funds, making efficiency in processing very important.
The Accountant-General also revealed ongoing reforms within his office aimed at improving public financial management, including efforts to address concerns previously raised by the World Bank.
He noted that the 2023 audit report would be forwarded to the Auditor-General for the Federation within two weeks, while preparations for the 2024 and 2025 reports were already in progress.
Ogunjimi further disclosed that steps were being taken to improve the Government Integrated Financial Management Information System, including replacing outdated infrastructure with modern digital tools to enhance efficiency and transparency.
He said these reforms were part of broader efforts to strengthen accountability in Nigeria’s public financial system.
In her remarks, the World Bank delegation head, Mrs Treed Lane, congratulated Ogunjimi on his appointment as African Chairman of the Association of Accountants-General.
She also encouraged Nigeria to sustain its digital reform drive and ensure timely submission of financial statements to the Auditor-General, describing it as essential for effective public financial management.
The World Bank had earlier explained that several loan facilities approved for Nigeria in 2024 had not yet been fully disbursed because funds are released in phases based on project milestones and agreed conditions.
It also clarified that disbursement depends on project type and compliance with set requirements between both parties.
Meanwhile, Nigeria’s external debt to the World Bank has continued to rise, reflecting increasing reliance on concessional and development financing to support infrastructure and social sector projects.
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