Nigeria’s Accountant-General, Dr. Shamseldeen Ogunjimi, has warned that the Federal Government may abandon World Bank loan agreements if approval and disbursement delays exceed six months, insisting that repayable facilities must align with project timelines.
Nigeria’s Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, has signaled that the President Bola Tinubu-led administration may reconsider its participation in World Bank loan arrangements due to persistent delays in approval and disbursement. In a statement issued Friday by the Director of Press and Public Relations, Bawa Mokwa, the Accountant-General emphasized that lengthy administrative bottlenecks are beginning to undermine national development plans. During a meeting with a World Bank delegation led by Mrs. Treed Lane in Abuja, Ogunjimi reminded the international lenders that the facilities are debt obligations rather than grants, and as such, require a level of efficiency that matches Nigeria’s fiscal needs.
The Federal Government’s warning sets a specific timeframe for the processing of these financial facilities, suggesting that the current pace of bureaucracy is no longer sustainable for project execution. “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Ogunjimi stated. He urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to ensure that critical infrastructure and social programs are not stalled by mismatched funding schedules. The Accountant-General noted that because these loans carry repayment obligations, the timing of the funds must align strictly with the country’s implementation frameworks.
Despite the firm stance on disbursement speed, Ogunjimi assured the delegation that Nigeria is making significant strides in improving its internal financial transparency and accountability measures. He disclosed that his office is actively resolving previous concerns raised by the World Bank regarding public financial management and audit reporting. To demonstrate this commitment, he announced that the 2023 Audit Report would be submitted to the Auditor-General for the Federation within two weeks, adding that work is already underway for the 2024 and 2025 reports to ensure Nigeria remains compliant with international best practices.
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