Nigeria threatens to exit World Bank loan deals over approval delays
Nigeria’s Accountant-General of the Federation, Dr Shamseldeen Babatunde Ogunjimi, has warned that the country may pull out of World Bank loan deals if approvals continue to face long delays. Speaking during a meeting with World Bank officials, he stressed that prolonged processing times—especially beyond six months—could force the government to reconsider its borrowing agreements. Ogunjimi clarified that Nigeria’s requests to the World Bank are for loans, not grants, and as a responsible borrower, the country expects timely handling of its funding applications. His remarks came as Treed Lane, Manager of the World Bank Team, congratulated him on his recent appointment as the African Chairman of the Association of Accountants-General.
The Accountant-General also highlighted ongoing efforts to improve Nigeria’s financial management systems. The Government Integrated Financial Management Information System (GIFMIS) remains central to budget execution, expenditure control, and financial reporting across government agencies. To address past concerns raised by the World Bank, the Office of the Accountant-General has begun modernising GIFMIS, replacing outdated infrastructure with newer technology to boost efficiency. Progress is already underway on key financial reports. The 2023 Audit Report will be submitted to the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 audit reports has also started. These steps aim to strengthen the reliability of government financial operations and meet international standards.
The Nigerian Government has set clear expectations for faster loan approvals from the World Bank. Delays beyond six months may lead to the country withdrawing from such agreements. Meanwhile, reforms in financial reporting and digital infrastructure are moving forward to improve transparency and service delivery.
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