Dr. Shamseldeen Ogunjimi, Nigeria’s Accountant-General, has cautioned that the federal government may reevaluate its loan agreements with the World Bank if the ongoing delays in approvals and disbursements continue to obstruct project implementation.
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This warning comes amid worries about the sluggish pace of processing loan facilities, which are crucial for national development initiatives. Ogunjimi highlighted that these funds are loans that need to be repaid, not grants, and therefore should not experience extensive delays that could disrupt government planning and execution.
He pointed out that in some instances, approvals take over six months, which could compel Nigeria to reconsider its involvement in such financial arrangements. He emphasized that timely access to funds is critical to ensure projects are delivered on schedule and that development goals are met.
The Accountant-General also called on the World Bank to improve its approval and disbursement processes to better align with Nigeria’s fiscal timelines and implementation requirements.
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Furthermore, he explained that the government is actively enhancing public financial management systems and addressing previous concerns raised by the World Bank, including improvements in audit reporting and digital financial systems.
Ogunjimi reassured that current reforms are designed to boost transparency, accountability, and efficiency in the management of public funds.
