FG Demands Faster World Bank Loan Approvals and Fund Release
By Patience Ikpeme
The Federal Government has issued a firm call to the World Bank to accelerate its internal approval and disbursement mechanisms for project funding, noting that the credit facilities are formal loans requiring repayment rather than charitable grants.
The Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, voiced these concerns during a high-level meeting in Abuja with a World Bank delegation led by Team Manager, Mrs. Treed Lane.
In a statement released by the Director of Press and Public Relations at the OAGF, Mr. Bawa Mokwa, the Accountant-General insisted that Nigeria’s status as a responsible borrower entitles the nation to more efficient processing of its financial requests.
Dr. Ogunjimi pointed out that significant bureaucratic bottlenecks within the international financial institution could diminish the government’s appetite for such partnerships. He warned that the current pace of fund release must improve to align with the country’s urgent development needs.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Dr. Ogunjimi stated, indicating that the administration is prepared to reconsider its engagement with facilities that suffer from prolonged administrative delays.
Addressing prior concerns raised by the World Bank regarding Nigeria’s fiscal transparency, the Accountant-General reported that the OAGF has taken decisive steps to modernize public financial management statements and audit reporting.
He provided a clear timeline for the nation’s financial disclosures, revealing that the 2023 Audit Report is scheduled for submission to the Office of the Auditor-General for the Federation within the next two weeks. Furthermore, he noted that preparation for the 2024 and 2025 reports is already underway to ensure the country remains current with its accounting obligations.
The government is also focused on overhauling the digital infrastructure that manages national finances. Dr. Ogunjimi assured the visiting delegation that the Government Integrated Financial Management Information System (GIFMIS) is undergoing a major upgrade. This includes the replacement of outdated hardware with modern technology intended to boost operational efficiency and transparency in service delivery.
On her part, Mrs. Treed Lane offered congratulations to Dr. Ogunjimi on his recent election as the African Chairman of the Association of Accountants-General. She urged the OAGF to maintain its current momentum in the digitalization of government operations.
Mrs. Lane also noted the importance of consistently presenting professional financial statements to the Auditor-General’s office to ensure a seamless and accountable public financial management framework.
