Federal Government says prolonged World Bank loan approval delays could force Nigeria to reject stalled funding arrangements.
- +FG Warns World Bank Against Delaying Loan Approvals Beyond Six Months
The federal government has called on the World Bank to expedite the approval and disbursement of project funds to Nigeria, threatening not to honor any loans delayed beyond six months.
The federal government has called on the World Bank to expedite the approval and disbursement of project funds to Nigeria, threatening not to honor any loans delayed beyond six months.
A statement issued at the weekend by the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, noted that the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, made the call in Abuja during a courtesy visit by a World Bank delegation led by Manager of the World Bank Team, Treed Lane.
He stressed that the facilities are loans that the country is obliged to repay, not grants.
According to him, prolonged delays in the approval process could undermine the government’s interest in accessing such facilities. “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 further informed the delegation that the OAGF has commenced action on critical issues raised earlier by the World Bank, particularly regarding 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, noting that obsolete infrastructure is being replaced with modern technology to improve efficiency and service delivery.
Earlier in her remarks, Lane congratulated Ogunjimi on his recent appointment as the African Chairman of the Association of Accountants-General.
She further encouraged the OAGF to sustain its efforts to digitalise its operations and ensure the timely presentation of professional financial statements to the Office of the Auditor-General for the Federation, thereby strengthening seamless public financial management processes.
