The Federal Government has warned that it may withdraw from World Bank loan agreements if approvals and disbursements are not completed within six months.
According to the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, long delays in processing project funds could make it difficult for Nigeria to continue with such financing arrangements.
He made the position known in Abuja during a meeting with a World Bank delegation led by Treed Lane.
Ogunjimi stressed that these funds are loans Nigeria is expected to repay, not grants, adding that delays in accessing them defeat the purpose of the agreements.
“If approvals take more than six months, the Nigerian government may no longer honour such arrangements,” he warned.
He urged the World Bank to speed up its approval processes and ensure quicker release of funds to support Nigeria’s development projects.
The Accountant-General also noted that his office is already addressing concerns raised by the World Bank, especially around public financial management and audit reporting.
He said the 2023 audit report would be submitted to the Auditor-General’s office within two weeks, while work is ongoing on the 2024 and 2025 reports.
Ogunjimi also assured the delegation that efforts are underway to upgrade the Government Integrated Financial Management Information System (GIFMIS), replacing outdated infrastructure with modern digital systems to improve efficiency.
Earlier, World Bank representative Treed Lane congratulated him on his appointment as Chairman of the Association of Accountants-General in Africa.
She encouraged Nigeria to continue strengthening its financial systems and ensure timely submission of audited accounts to improve transparency and coordination in public finance management.
