FG Warns World Bank On Funding Timeline
Nigeria’s federal government has raised concern over delays in World Bank loan approvals and disbursements, warning that it may withdraw from future arrangements if the situation continues.
The warning came from the Office of the Accountant-General after a meeting in Abuja with a World Bank delegation.
The Accountant-General, Shamseldeen Ogunjimi, said long approval timelines were slowing down projects and affecting national development plans.
He stated that if approvals take more than six months, Nigeria may no longer continue with such agreements.
He urged the World Bank to speed up funding processes, noting that the loans are repayable and should align with government planning.
The government also said it is working on audit reports and improving its financial management systems to meet international standards.
The World Bank responded that project funds are released in phases based on agreed conditions and milestones.
It also noted that Nigeria’s debt to the institution rose to $19.89 billion by the end of 2025, reflecting continued borrowing under ongoing development programmes.
