The Federal Government has warned that it may cancel loan agreements with the World Bank if approval and disbursement processes exceed six months.
The Accountant-General of the Federation, Shamseldeen Ogunjimi, issued the warning in Abuja during a meeting with a World Bank delegation led by its team manager, Treed Lane.
In a statement on Friday by the Director of Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, Ogunjimi stressed that the loans are not grants but financial obligations that must be repaid, making timely processing critical to Nigeria’s fiscal planning.
He cautioned that prolonged delays could undermine the government’s interest in accessing such facilities.
“If approvals take more than six months, the Nigerian government may no longer honour such arrangements,” he said.
The AGF noted that, as a responsible borrower, Nigeria deserves prompt consideration of its funding requests, urging the World Bank to fast-track its approval procedures and ensure timely release of funds for key development projects.
Ogunjimi also disclosed that the Office of the Accountant-General of the Federation had begun addressing concerns earlier raised by the World Bank, particularly regarding public financial management 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 reports is ongoing.
He further assured the delegation that issues surrounding the digitalisation of the Government Integrated Financial Management Information System were being tackled, noting that obsolete infrastructure is being replaced with modern technology to enhance efficiency and service delivery.
Earlier, Lane congratulated Ogunjimi on his recent appointment as African chairman of the Association of Accountants-General and urged the OAGF to sustain reforms aimed at improving financial transparency and accountability.
She also emphasised the need for timely submission of professional financial statements to strengthen public financial management systems.
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