The Accountant-General of the Federation, Dr. Shamseldeen Babatunde Ogunjimi, has urged the World Bank to accelerate the approval and disbursement of project funds to Nigeria. He stressed that the funds are loans, not grants, and that Nigeria, as a responsible borrower, expects timely processing of its requests. The appeal was made in Abuja during a visit by a World Bank delegation led by Mrs. Treed Lane, Manager of the World Bank Team.

Dr. Ogunjimi warned that if approval processes take more than six months, the Nigerian government may no longer honour such funding arrangements. He said prolonged delays could discourage the country from pursuing future facilities. The AGF noted that his office is addressing previously raised concerns, including audit reporting and public financial management statements.

The 2023 Audit Report will be submitted to the Office of the Auditor-General for the Federation within two weeks, Dr. Ogunjimi disclosed. Work on the 2024 and 2025 audit reports is already underway. He added that efforts to digitalise the Government Integrated Financial Management Information System (GIFMIS) are ongoing, with obsolete infrastructure being replaced by modern technology.

Mrs. Treed Lane congratulated Dr. Ogunjimi on his appointment as African Chairman of the Association of Accountants-General. She encouraged the OAGF to continue improving digital operations and submitting financial statements on time to strengthen public financial management.

💡 NaijaBuzz Take

Dr. Ogunjimi warns that Nigeria may abandon World Bank loan deals if approvals take over six months, yet his office is still finalising the 2023 audit report. This timeline suggests the government's own reporting delays could trigger the very withdrawal from funding it seeks to avoid. Nigerians may face reduced project funding not due to external bottlenecks, but because domestic processes are not keeping pace. The irony lies in urging faster external action while lagging on internal financial obligations.

Editorial note: AI-assisted opinion, not established fact. Full disclaimer →