The Nigerian government may decline or withdraw from World Bank loan arrangements if approval and disbursement processes continue to face prolonged delays, warned the Accountant-General of the Federation, Dr Shamseldeen Babatunde Ogunjimi. This statement was made during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, Manager of the World Bank Team, in Abuja.

Ogunjimi stressed that the funds sought from the World Bank are loans, not grants, and emphasized Nigeria's right as a responsible borrower to timely consideration and processing of its funding requests. He urged the World Bank to expedite approval processes and ensure prompt release of project funds intended to support Nigeria’s development priorities.

The warning highlights growing concerns within the Federal Government regarding the pace of multilateral project financing. Nigeria is currently dependent on external and domestic borrowing to support its infrastructure, social investment, fiscal reforms, and other development programmes.

Furthermore, Ogunjimi informed the World Bank delegation that the Office of the Accountant-General of the Federation (OAGF) has begun addressing key issues previously raised by the Bank, particularly concerning public financial management statements and audit reporting. He disclosed that the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within the next two weeks.