Nigeria Urges World Bank To Speed Up Project Fund Approvals

The federal government has called on the World Bank to accelerate the approval and disbursement of funds for projects earmarked for Nigeria, cautioning that prolonged delays could force the country to reconsider some financing arrangements.

The Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, made the appeal during a meeting with a World Bank delegation led by Treed Lane in Abuja.

In a statement issued by the Office of the Accountant-General of the Federation and signed by the Director of Press and Public Relations, Mr. Bawa Mokwa, Ogunjimi stressed that Nigeria should not be subjected to lengthy approval processes for facilities that are loans and not grants.

He noted that delays in securing approvals often slow down the execution of government development programmes and projects tied to the facilities.

The Accountant-General urged the World Bank to reduce the time required for processing approvals and ensure faster release of funds to support Nigeria’s economic and development agenda.

He warned that extended delays could weaken the government’s commitment to some of the funding arrangements.

“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Ogunjimi said.

He also informed the delegation that the Office of the Accountant-General of the Federation had begun addressing concerns previously raised by the World Bank, particularly issues relating to public financial management and audit reporting.

According to him, the 2023 Audit Report would be forwarded to the Office of the Auditor-General for the Federation within two weeks.

Ogunjimi further disclosed that work had commenced on the preparation of the 2024 and 2025 audit reports as part of efforts to strengthen accountability and transparency in public finance management.

He assured the delegation that steps were also being taken to resolve challenges affecting the digitalisation of the Government Integrated Financial Management Information System (GIFMIS).

The Accountant-General explained that outdated infrastructure within the system was being replaced with modern technology to enhance efficiency, accountability and service delivery across government financial operations.

Earlier, Lane congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.

She encouraged the Office of the Accountant-General of the Federation to sustain ongoing reforms aimed at improving digital operations and ensuring the timely preparation and submission of financial statements to the Office of the Auditor-General for the Federation.

According to her, stronger digital systems and prompt financial reporting would promote more efficient public financial management processes in the country.