The federal government has called on the World Bank to expedite the approval and disbursement of project funds to Nigeria, stressing that the facilities are loans that the country is obliged to repay, not grants.
Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi who made the appeal in Abuja during a courtesy visit by a World Bank delegation led by Mrs. Treed Lane, Manager of the World Bank Team emphasised that, as a responsible borrower, Nigeria deserves timely consideration and processing of its funding requests. He urged the World Bank to fast-track approval processes and ensure the prompt release of project funds to support the country’s development priorities.
Bawa Mokwa, Director Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF) in a statement said the AGF observed that prolonged delays in the approval process 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 stated.
Dr. Ogunjimi further informed the delegation that the OAGF has commenced action on critical issues earlier raised by the World Bank, particularly in the areas of public financial management statements and audit reporting.
He disclosed that the 2023 Audit Report would 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 already in progress.
Mokwa stated that the AGF also assured the delegation that concerns relating to the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are being addressed, noting that obsolete infrastructure is currently being replaced with modern technology to improve efficiency and service delivery.
Earlier in her remarks, Mrs. Treed Lane congratulated Dr. Ogunjimi on his recent appointment as the African Chairman of the Association of Accountants-General.
She further encouraged the OAGF to sustain its efforts toward digitalising its operations and ensuring the timely presentation of professional financial statements to the Office of the Auditor-General for the Federation to strengthen seamless public financial management processes.
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