AGF Warns Project Coordinators: Borrowed Funds Must Deliver Value
By Patience Ikpeme
The Accountant-General of the Federation (AGF), Shamseldeen Babatunde Ogunjimi, has issued a strong warning to project coordinators across Nigeria that public funds, particularly those acquired through loans, must be managed with extreme care to ensure they deliver tangible value to citizens.
He gave the charge on Wednesday during the maiden retreat of the Office of the Accountant-General of the Federation (OAGF) for project coordinators.
The retreat, which is reviewing over 50 donor-funded federal projects, was convened to allow project coordinators to share experiences and learn about new public financial management reforms.
“This retreat is a testament to our commitment to enhancing the financial management of federal projects. We have been entrusted with not just public funds, but borrowed public funds which must be repaid in time, either in our generation or that of our children,” Ogunjimi stated.
A key feature of the retreat was the unveiling of a proposed digital interface designed to unify and integrate the accounting and reporting systems of all federal projects. Ogunjimi explained that the platform will provide real-time online reporting to stakeholders, which will strengthen transparency and make it easier to monitor projects. He said that discussions are underway with partners, including the Islamic Development Bank (IsDB), to support the implementation of the new system.
Mr. Akram Elshorbagi, a senior financial management specialist at the World Bank, urged the national coordinators to study the digital interface carefully, stating that social safety net programs will not be effective if they are not properly executed.
The AGF, who was represented by Director Joshua Luka, called on the coordinators to recognize the importance of their roles in protecting Nigeria’s economic future through proper financial management. “You have been chosen among many Nigerians to manage borrowed funds as represented by over 50 donor-funded projects. It is therefore a privilege and a responsibility that must be carried out with integrity, sincerity of purpose, and strict adherence to global best practices,” Ogunjimi said.
Also speaking at the event, the National Coordinator of the National Cash Transfer Office, Abdullahi Alhasan Immam, urged the government to design poverty alleviation programs in a way that makes a sustainable impact. He said the conditional cash transfer project should be used to empower beneficiaries rather than simply being a cash gift program that does not lift people out of poverty. “It should be used to empower the beneficiaries,” he stated.
Similarly, Karim Obaje, the national coordinator of NG-CARES, voiced concern that despite government and World Bank interventions, poverty and hunger continue to be on the rise in Nigeria. He called for an assessment of current strategies to get better results.
The AGF concluded by stating that the era of increased scrutiny in public finance requires project coordinators to manage resources with prudence and ensure that projects deliver tangible benefits to citizens. “Our Projects must not just meet donor expectations but must also deliver real impact on Nigerians,” he said.
The retreat is expected to produce a roadmap for improving financial oversight and collaboration among stakeholders.
