FG Urges W/ Bank To Fast-Track Loan Approvals

The Accountant-General of the Federation (AGF), Dr Shamseldeen Babatunde Ogunjimi, has urged the World Bank to accelerate the approval and disbursement of project funds to Nigeria, emphasising that the country’s access to such facilities should not be unnecessarily delayed.

Ogunjimi was made in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, the World Bank Team’s Manager.

He stressed that World Bank facilities are loans, not grants, and as a responsible borrower, Nigeria deserves prompt processing of its requests.

The AGF warned that prolonged approval timelines could discourage the Nigerian government from pursuing such funding arrangements.

“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he stated.

Ogunjimi also disclosed that the Office of the Accountant-General of the Federation (OAGF) has begun addressing critical concerns previously raised by the World Bank, particularly in public financial management statements and audit reporting.

According to him, the 2023 Audit Report will be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 audit reports is ongoing.

He further assured the delegation that issues surrounding the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are being tackled, with outdated infrastructure currently being replaced by modern technology to improve efficiency and service delivery.

Earlier, Mrs Treed Lane congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.

She also encouraged the OAGF to sustain its digitalisation drive and ensure the timely submission of professional financial statements to the Office of the Auditor-General for the Federation to strengthen seamless public financial management processes.