Nigeria has warned that it may reject future World Bank loan facilities if delays in approval and disbursement continue, saying prolonged processing timelines could affect national development planning.
The Accountant-General of the Federation, Shamseldeen Ogunjimi, gave the warning during a meeting in Abuja with a World Bank delegation led by Treed Lane. He said Nigeria, as a responsible borrower, expects timely handling of loan requests since such funds come with repayment obligations.
According to him, delays beyond six months could make the Federal Government reconsider its participation in such financing arrangements, as they may disrupt project execution and fiscal planning.
Ogunjimi urged the World Bank to speed up approval and disbursement processes to support Nigeria’s development priorities. He also noted that the government was already addressing concerns raised by the bank, particularly in public financial management, audit reporting, and the digitalisation of the Government Integrated Financial Management Information System.
He disclosed that the 2023 audit report would be submitted within two weeks, while preparations for the 2024 and 2025 reports were ongoing. He added that obsolete systems were being upgraded to improve transparency and efficiency in public finance management.
In response, the World Bank delegation commended ongoing reforms and encouraged Nigeria to sustain efforts in digitalisation and timely financial reporting.
The development comes amid concerns over delays in disbursement of previously approved World Bank loans to Nigeria, despite billions of dollars already committed to various development projects.
