The Federal Government of Nigeria has issued a strong warning to the World Bank, stating that it may reconsider or abandon future lending arrangements if approved project funds are not disbursed within six months.
The directive was issued on Wednesday by the Accountant-General of the Federation, Dr. Shamseldeen Babatunde Ogunjimi, during a courtesy visit by a World Bank delegation to his office in Abuja.
According to him, prolonged delays in the release of already approved project funds are becoming unacceptable and could force Nigeria to rethink its participation in such financial arrangements.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Dr. Ogunjimi stated, adding that the position was not a rejection of multilateral partnerships but a demand for more efficient processes.
He stressed that Nigeria, as a sovereign borrower responsible for servicing its debts, deserves faster and more transparent access to funds already approved for development projects.
Dr. Ogunjimi called on the World Bank to streamline its internal approval and disbursement procedures to ensure that earmarked funds reach Nigeria without unnecessary delays, warning that such bottlenecks risk weakening the government’s confidence in future borrowing arrangements.
His comments represent one of the strongest public positions yet taken by a senior Nigerian fiscal authority regarding delays in multilateral loan disbursement.
He made the remarks while receiving a World Bank delegation led by Mrs. Treed Lane, Manager of the World Bank Team.
Although the statement did not specify the exact loan amount under discussion or the specific project involved, it suggests that the warning may apply to a broader set of World Bank-funded projects in Nigeria.
This lack of detail has raised concerns about transparency, making it difficult for stakeholders—including lawmakers, analysts, and the public—to fully assess the scope of the issue.
Nigeria currently maintains several World Bank-financed projects across key sectors such as infrastructure, agriculture, healthcare, and social welfare, many of which involve multi-billion-dollar commitments.
Beyond the ultimatum, Dr. Ogunjimi also addressed concerns raised by the World Bank regarding Nigeria’s public financial management systems, particularly issues relating to audit reporting and documentation timelines.
He disclosed that the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while preparations for the 2024 and 2025 audit reports are already underway.
If completed as promised, this would mark a significant improvement in Nigeria’s longstanding audit backlog, which has previously affected international financial assessments and lending processes.
The Accountant-General also highlighted ongoing reforms within the Government Integrated Financial Management Information System (GIFMIS), noting that outdated infrastructure is being upgraded to improve efficiency, transparency, and financial reporting across government operations.
In response, the World Bank delegation commended ongoing reforms in Nigeria’s financial management system and encouraged continued progress, particularly in digitalisation and timely submission of financial statements.
Nigeria remains one of the World Bank’s largest borrowers, with active financing commitments spread across critical development sectors. However, the specific facility referenced in the meeting was not disclosed.
The latest development highlights growing tension between the need for faster project execution and the bureaucratic processes often associated with multilateral lending institutions.
