FG Issues Stern Warning to World Bank Over Delays in Loan Approval and Disbursements

Nigeria’s Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, has warned that the federal government may reconsider its loan arrangements with the World Bank if delays in approvals and disbursements continue to hinder project implementation.

The warning followed concerns over the slow pace at which loan facilities are being processed, despite their importance to national development projects. Ogunjimi stressed that the funds involved are repayable loans, not grants, and therefore should not be subjected to prolonged delays that could disrupt government planning and execution.

He noted that in some cases, approvals take more than six months, a situation he said could force Nigeria to reassess its participation in such financial agreements. According to him, timely access to funding is essential to ensure projects are delivered within schedule and development objectives are not compromised.

The Accountant-General also urged the World Bank to streamline its approval and disbursement processes to better align with Nigeria’s fiscal timelines and implementation needs.

He further explained that the government is already working on strengthening public financial management systems and addressing issues previously raised by the World Bank, including improvements in audit reporting and digital financial systems.

Ogunjimi assured that ongoing reforms are aimed at enhancing transparency, accountability, and efficiency in the management of public funds.