The Federal Government of Nigeria has urged the World Bank to accelerate the approval and disbursement of project loans, warning that any funding delayed beyond six months could be cancelled. The warning was conveyed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant‑General of the Federation (OAGF), during a meeting in Abuja with a World Bank delegation led by team manager Treed Lane.
Dr Shamseldeen Ogunjimi, the Accountant‑General of the Federation, emphasized that the facilities under discussion are loans, not grants, and the country remains obligated to repay them. He cautioned that prolonged approval times could jeopardise Nigeria’s ability to honour its borrowing commitments. “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Ogunjimi said.
The OAGF highlighted Nigeria’s status as a responsible borrower that deserves timely processing of its funding requests. It called on the World Bank to fast‑track its internal procedures to ensure prompt release of project funds that support the government’s development priorities.
In the same briefing, Ogunjimi reported progress on several issues previously raised by the World Bank. The 2023 audit report will be submitted to the Office of the Auditor‑General for the Federation within two weeks, and work on the 2024 and 2025 audit reports is already underway. He also noted that concerns about the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are being addressed, with outdated infrastructure being replaced by modern technology to improve efficiency.
Lane congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants‑General and encouraged continued digital transformation and the timely presentation of professional financial statements to the Auditor‑General’s office. She stressed that such measures are essential for strengthening public financial management processes.
The exchange underscores the importance of swift cooperation between Nigeria and the World Bank in unlocking financing for infrastructure and other development projects. Both parties appear committed to resolving procedural bottlenecks and advancing Nigeria’s fiscal reforms.
