AGF urges World Bank to fast-track project fund approvals

Keypoints

• The Accountant-General of the Federation (AGF), Dr Shamseldeen Ogunjimi, has called for faster approval and disbursement of World Bank project funds.
• Ogunjimi stated that if project approvals take more than six months, the Nigerian Government may no longer honor such arrangements.
• The AGF clarified that these facilities are loans requiring repayment, not grants, necessitating timely processing for the borrower.
• Efforts are underway to submit the 2023 Audit Report within two weeks, with work on the 2024 and 2025 reports in progress.
• Obsolete infrastructure in the Government Integrated Financial Management Information System (GIFMIS) is being replaced with modern technology.

Main Story

The Accountant-General of the Federation (AGF), Dr Shamseldeen Ogunjimi, has appealed to the World Bank to accelerate the approval and release of project funds to support Nigeria’s development goals.

Speaking during a visit from a World Bank delegation in Abuja, Ogunjimi noted that prolonged delays in the approval process undermine the government’s interest in accessing these facilities.

He set a firm threshold, stating that the government might reconsider arrangements if approvals exceed a six-month window.

Ogunjimi emphasized that as these facilities are loans that the country is obliged to repay, Nigeria deserves prompt consideration as a responsible borrower.

He also shared updates on public financial management reforms, noting that the 2023 Audit Report is nearly complete and work on subsequent years has begun.

Additionally, the Office of the Accountant-General of the Federation (OAGF) is addressing the digitalization of the Government Integrated Financial Management Information System (GIFMIS) by replacing outdated infrastructure to improve service delivery.

The Issues

• Excessive delays in fund approvals can stall critical infrastructure and development projects tied to the loans.
• The transition from obsolete technology to modern systems in GIFMIS requires sustained investment and technical coordination.
• Meeting the strict timelines for auditing multiple years of financial statements simultaneously poses a significant administrative challenge.

What’s Being Said

• “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” stated Dr Shamseldeen Ogunjimi, Accountant-General of the Federation.
• “The facilities are loans that the country is obliged to repay, not grants,” Ogunjimi added.
• Mrs Treed Lane, Manager of the World Bank Team, encouraged the OAGF to “sustain its efforts in digitalising its operations and ensuring the timely presentation of professional financial statements.”

What’s Next

• The 2023 Audit Report is expected to be submitted to the OAGF within the next two weeks.
• The OAGF will continue the replacement of obsolete infrastructure within the GIFMIS framework.
• The World Bank is expected to review its internal timelines for Nigerian project approvals following the AGF’s six-month ultimatum.

Bottom Line

The AGF has issued a six-month approval ultimatum to the World Bank, insisting that since Nigeria is repaying these funds as loans, the government expects faster disbursement and modernized financial reporting.

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