The Accountant-General of the Federation, Shamseldeen Ogunjimi, has warned that Nigeria could decline loan facilities from the World Bank if delays in approval and disbursement continue to affect funding arrangements.
The warning was disclosed in a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
Ogunjimi made the remarks in Abuja during a courtesy visit by a World Bank delegation led by Treed Lane.
According to the Accountant-General, Nigeria expects faster processing of funding requests, stressing that the facilities being sought are loans that must eventually be repaid and not grants or donations.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” Ogunjimi said.
He noted that prolonged approval timelines could affect the country’s willingness to proceed with certain loan agreements, particularly where urgent development financing is required.
