Govt Unveils Reforms For Accountability In World Bank–funded Projects

The Office of the Accountant General of the Federation (OAGF) has announced a new set of management reforms designed to strengthen transparency, accountability, and efficiency in the execution of World Bank–funded projects across Nigeria.

The accountant general of the federation, Dr Shamseldeen Babatunde Ogunjimi, disclosed the measures during his remarks at a financial workshop for accountant-general, heads of project financial management units, and coordinators of World Bank–funded projects held at the Treasury House, according to a statement that was issued by the office on Tuesday.

Dr Ogunjimi said the workshop was convened to deliberate on ways to enhance transparency and accountability in the financial management of donor-funded projects, noting that these values form the foundation for building trust, ensuring prudent use of resources, and achieving key project development objectives.

He revealed that the Office of the Accountant General has developed a Financial Management Manual (FMM) to guide the execution of financial transactions in all projects.

According to him, all project coordinators, project accountants, heads of project financial management units, and relevant stakeholders are encouraged to adopt the manual as a working tool to minimise infractions, enhance performance, and sustain favourable ratings with the World Bank.

He also announced that the World Bank has commenced the rollout of its “Funds Chains” system—an innovative blockchain-based platform aimed at improving transparency, accountability, and efficiency in the management of development project funds. The rollout is beginning with six selected projects.

Dr. Ogunjimi further disclosed that the OAGF and the World Bank have agreed that project financial management staff should not be removed within six months to the closure of any project. This measure, he explained, is intended to guard against lapsed loans and undocumented advances, and to ensure a smooth transition that does not disrupt project implementation.

Addressing persistent challenges, the accountant general noted that issues such as lapsed loans and undocumented advances continue to hinder projects from attaining high ratings. He revealed that recent collaboration between the OAGF and the World Bank resulted in reducing outstanding lapsed loans from USD18 million to USD7 million—a 61 percent decrease—as well as a 15 percent reduction in undocumented advances.

He added that projects would continue to receive letters concerning outstanding lapsed loans and undocumented advances, urging coordinators and Project Financial Management Units (PFMUs) to prioritise documentation, repayment of lapsed loans, and adherence to World Bank agreements.

Dr Ogunjimi emphasised the central importance of collaboration, transparency, and accountability in project management. He urged accountants and project teams to work together to strengthen systems, build capacity, and deliver results that align with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

In his welcome address, the country director of the World Bank, Mathew Verghis—represented by FM Coordinator, Akram Elshirbegy—commended the strides of the Accountant General and called for sustained support from the OAGF to ensure the survival and effective performance of World Bank–funded projects in Nigeria.