The Federal Government has warned the World Bank that any loan approvals or disbursements delayed beyond six months could be cancelled. The warning was issued by the Office of the Accountant‑General of the Federation (OAGF) during a courtesy visit to Abuja by a World Bank delegation led by Treed Lane, manager of the bank’s team in Nigeria.
In a statement released on Friday, Bawa Mokwa, director of Press and Public Relations at the OAGF, said Accountant‑General Dr Shamseldeen Ogunjimi emphasized that the facilities in question are loans, not grants, and must be repaid by the Nigerian government. He warned that protracted approval processes undermine the country’s ability to access financing and could lead the government to reject further arrangements if approvals take more than six months.
The OAGF called for the World Bank to expedite the review and release of pending project funds, noting that timely financing is essential to meet Nigeria’s development priorities. Ogunjimi also informed the delegation that the agency is addressing several concerns raised by the World Bank, including improvements in public financial management statements and audit reporting.
According to the accountant‑general, the 2023 audit report will 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 underway. He added that the government is modernising the Government Integrated Financial Management Information System (GIFMIS), replacing obsolete infrastructure with newer technology to enhance efficiency and service delivery.
Lane applauded Ogunjimi’s recent appointment as African Chairman of the Association of Accountants‑General and encouraged the OAGF to continue its digitalisation efforts. She highlighted the importance of presenting professional financial statements promptly to the Auditor‑General to strengthen public financial management.
The exchange underscores the Nigerian government’s push for faster disbursement of World Bank loans and its broader commitment to fiscal transparency and digital reforms. The World Bank’s response to the six‑month deadline and the progress of the ongoing digitisation projects will shape the future of the bilateral financing relationship.
The original story appeared on Channels Television.
