May 9, 2026 | News
Nigeria’s Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, has warned that the Federal Government may reconsider future loan arrangements with the World Bank if delays in approval and disbursement of funds continue.
The warning was contained in a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, following a courtesy visit by a World Bank delegation led by Mrs. Treed Lane in Abuja.
Speaking during the meeting, Ogunjimi stressed that Nigeria expected faster processing of loan facilities since the funds were repayable and not grants.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.
The Accountant-General noted that prolonged approval timelines could affect project execution and undermine the country’s development plans. He therefore urged the World Bank to speed up the approval and disbursement process for projects meant to support Nigeria’s economic priorities.
Ogunjimi also disclosed that the Office of the Accountant-General had begun addressing concerns previously raised by the World Bank, especially issues relating to public financial management and audit reporting.
According to him, the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work had already commenced on the 2024 and 2025 audit reports.
He further assured the delegation that efforts were ongoing to resolve issues surrounding the digitalisation of the Government Integrated Financial Management Information System (GIFMIS).
The AGF explained that outdated infrastructure was being replaced with modern technology to improve efficiency, accountability, and service delivery across government institutions.
He added that the reforms formed part of broader efforts aimed at strengthening transparency and Nigeria’s public financial management system.
Earlier, Mrs. Treed Lane congratulated Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General and encouraged the office to sustain its digitalisation reforms and ensure prompt submission of financial statements.
The development comes amid concerns over delays in the disbursement of about $2billion in World Bank loans approved for Nigeria in 2024.
Responding to enquiries, the World Bank’s Senior External Affairs Officer, Mansir Nasir, explained that project funds are usually released in phases depending on agreed milestones and financing arrangements.
According to him, projects financed by the World Bank are not disbursed as a one-time payment but released in instalments based on performance and compliance with agreed conditions.
Recent figures released by the Debt Management Office showed that Nigeria’s debt to the World Bank increased from $17.81billion in December 2024 to $19.89billion as of December 31, 2025, representing an increase of 11.7 per cent.
