Nigeria’s Accountant-General of the Federation, Shamseldeen Ogunjimi, has warned that the Federal Government may pull out of loan deals with the World Bank if delays in approvals and fund releases continue to slow down projects in the country.
The warning was made in a statement released on Friday by the Director of Press and Public Relations at the Office of the Accountant-General, Bawa Mokwa, after a meeting with a World Bank team led by Mrs Treed Lane in Abuja.
Ogunjimi said Nigeria expected quicker approval of the loans since the money must be repaid and is not a grant. He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements.”
He explained that long delays could affect project delivery and slow development plans, urging the World Bank to “expedite the approval and disbursement of project funds to Nigeria.”
The AGF also said his office was already working on concerns earlier raised by the World Bank, especially on public finance management and audit reports. According to him, the 2023 Audit Report would reach the Auditor-General’s office within two weeks, while work had started on the 2024 and 2025 reports.
Meanwhile, World Bank official Mansir Nasir explained that loans are released in stages and not at once. He said projects must meet agreed conditions before payments are made.
Data from the Debt Management Office showed Nigeria’s debt to the World Bank rose from $17.81bn in December 2024 to $19.89bn by December 31, 2025.
