The Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, has warned that Nigeria may reject loan facilities from the World Bank if persistent delays in approval and disbursement continue, saying the timelines are undermining government project execution.
Ogunjimi issued the warning on Friday, May 8, 2026, in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane.
The statement was signed by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
He said Nigeria expects faster processing of loan requests, stressing that extended delays are unacceptable since the facilities are repayable obligations, not grants.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.
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Ogunjimi urged the World Bank to accelerate approval and disbursement processes to align with project timelines and national development priorities, warning that prolonged bureaucracy could affect fiscal planning and delivery outcomes.
He also said Nigeria is addressing concerns raised by the bank on public financial management reforms and audit reporting.
According to him, the 2023 Audit Report will be submitted to the Auditor-General within two weeks, while work on the 2024 and 2025 reports is ongoing.
He added that the Government Integrated Financial Management Information System is being upgraded with modern digital infrastructure to improve transparency and efficiency in public finance management.
In response, Mrs Treed Lane commended ongoing reforms and Ogunjimi’s appointment as African Chairman of the Association of Accountants-General, urging sustained progress in digitalisation and timely financial reporting.
The concerns come amid ongoing delays in disbursement of several World Bank-funded projects in Nigeria, with the bank explaining that funds are released in tranches and tied to agreed performance conditions.