FG Warns on Delayed World Bank Loans in Nigeria

The Federal Government of Nigeria, through Dr. Shamseldeen Babatund Ogunjimi, the Accountant General of the Federation, has issued a warning regarding the cancellation of World Bank loans that are delayed beyond six months.

During a visit from a World Bank delegation led by Mr. Treed Lane, Ogunjimi emphasized the importance of timely disbursement of funds to support Nigeria's development priorities.

He expressed concerns about the slow pace of project financing, especially as Nigeria relies on external and domestic borrowing for infrastructure and social investments. Ogunjimi informed the delegation that the Office of the Accountant General is addressing issues related to public financial management and has begun work on the 2024-2025 audit reports.

He assured the World Bank team that steps are being taken to modernize financial management systems to improve service delivery. Ogunjimi's statements reflect the urgency for Nigeria to enhance fiscal transparency and strengthen public financial reporting to ensure effective use of borrowed funds.