Nigeria’s Accountant-General of the Federation, Shamseldeen Ogunjimi, has said that the Federal Government may reconsider future loan arrangements with the World Bank if persistent delays in approvals and disbursements continue to affect the execution of critical development projects across the country.
Ogunjimi raised the concern on Saturday over what he described as the slow processing of loan facilities, despite their strategic importance to national development programmes.
According to him, the funds being accessed are repayable loans and not grants, stressing that unnecessary delays in approvals could disrupt government planning and project delivery.
“These are not grants but loans that Nigeria will repay. Delays of over six months in approvals and disbursements are affecting implementation timelines and may force the government to reconsider some of these financing arrangements,” he said.
The Accountant-General stressed that timely access to funds remains vital for the successful execution of projects and the achievement of development objectives.
He also urged the World Bank to simplify and speed up its approval and disbursement procedures to better align with Nigeria’s fiscal calendar and implementation targets.
Ogunjimi further stated that the Federal Government is already addressing concerns previously raised by the World Bank through reforms aimed at strengthening public financial management systems.
“We are improving audit reporting processes and digital financial management systems to enhance transparency, accountability, and efficiency in the management of public funds,” he added.
He assured that ongoing reforms are designed to boost confidence in Nigeria’s financial management framework while ensuring better utilisation of public resources.
