OAGF Launches Sweeping Reforms to Boost Transparency in World Bank Projects
By Patience Ikpeme
The Office of the Accountant General of the Federation (OAGF) has announced a critical set of management reforms designed to improve transparency, accountability, and efficiency in the execution of World Bank-funded projects across Nigeria.
The Accountant General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, made the disclosure during his remarks at the Financial Work for Accountant-General, Heads of Projects Financial Management Units, and Coordinators of World Bank-Funded projects, held today at the Treasury House in Garki, Abuja.
According to a statement issued by Mr. Bawa Mokwa, Director of Press at the OAGF, Dr. Ogunjimi stated that the workshop was organised to deliberate on enhancing financial management, adding that these values “are the foundation upon which we build trust, ensure effective use of resources and achieve our project development objectives.”
To guide financial transactions, the AGF revealed that the OAGF has developed a Financial Management Manual (FMM). All relevant stakeholders, including Project Coordinators, Projects Accountants, and Heads of Project Financial Management Units (PFMUs), “are encouraged to use the FMM for their implementation to minimise infractions, improve performance and sustain favourable rating with the World Bank,” Dr. Ogunjimi advised.
The AGF also disclosed that the World Bank has begun the roll-out of its “Funds Chains” system, which he described as a “ground-breaking, blockchain-based platform designed to enhance transparency, accountability and efficiency in the management of development project funds,” starting with six projects.
A major focus of the reforms is addressing project performance issues. Dr. Ogunjimi disclosed that the OAGF has recently collaborated with the World Bank on a drive that successfully reduced outstanding lapsed loans by 61%, moving them from USD $18 million to USD $7 million. This effort has also led to a 15% reduction in undocumented advances.
The AGF confirmed that projects will continue to receive communication regarding these outstanding issues. He stated, “I urged all project Coordinators and projects Financial Management Units (PFMUs) to prioritise documentation, refund of lapsed loans adherence to World Bank agreement these.”
To ensure continuity and avoid project stoppages, the OAGF and World Bank have also agreed that project Financial Management staff should not be removed six months before the closure of a project. The goal is to guard against lapsed loans and undocumented advances and ensure proficiency in staff transition. Furthermore, Dr. Ogunjimi disclosed that any new project officer should be allowed to remain with the outgoing management officer for a period of not less than three months.
Dr. Ogunjimi concluded by stressing the importance of collaboration, transparency, and accountability in projects management, urging accountants to work together to strengthen the system and deliver results “in tandem with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, administration.”
