The Office of the Accountant-General of the Federation AGF has stated that at no point did the AGF, Dr. Shamseldeen Babatunde Ogunjimi,  issue a threat or ultimatum to the World Bank during the recent courtesy visit by a World Bank delegation led by Mrs. Treed Lane, Manager of the Team. This was contained in a statement made available to the media by the Director, Press and Public Relations OAGF during the weekend in reaction to media reports suggesting that the Federal Government issued a “six-month ultimatum” to the World Bank.

He however, explained that Ogunjimi’s remarks at the event underscored the importance of stronger collaboration, mutual understanding, timely and favourable consideration in the processing of No Objection requests by the OAGF to World Bank when such requests are made by the OAGF for the deployment of  Projects  Accountants, Assistant project accountants and  project internal auditors from the Treasury  for all Federal Government World Bank Funded projects that has a duration of more than 6 months before the project closure. He further clarified that the remark by Ogunjimi was in the context of encouraging timely consideration and processing of no objection requests by OAGF in support of Nigeria’s development priorities.

According to him, “the AGF emphasized that the facilities being accessed by Nigeria are loans and not grants, and therefore require efficient processing to ensure that projects tied to such facilities are implemented within planned timelines and fiscal cycles.

“The OAGF remains committed to maintaining a cordial and productive relationship with the World Bank and other development partners in advancing transparency, accountability, and effective public financial management in Nigeria.

“The Office also reiterates its commitment to ongoing reforms, including the digitalisation of financial management processes, timely audit reporting, and the strengthening of institutional efficiency in line with global best practices.”

It would be recalled that Dr Ogunjimi recently called on the World Bank to expedite the approval and disbursement of project funds to Nigeria, stressing that the facilities are loans that the country is obliged to repay, not grants.

The AGF emphasized that, as a responsible borrower, Nigeria deserves timely consideration and processing of its funding requests. He urged the World Bank to fast-track approval processes and ensure the prompt release of project funds to support the country’s development priorities.

According to him, prolonged delays in the approval process could undermine the government’s interest in accessing such facilities. “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he stated.

Dr. Ogunjimi further informed the delegation that the Office of the Accountant-General of the Federation (OAGF) has commenced action on critical issues earlier raised by the World Bank, particularly in the areas of 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 two weeks, while work on the 2024 and 2025 audit reports is already in progress.

The AGF also assured the delegation that concerns relating to the digitalisation of the Government Integrated Financial Management Information System (GIFMIS) are being addressed, noting that obsolete infrastructure is currently being replaced with modern technology to improve efficiency and service delivery.

Mrs. Treed Lane on her part encouraged the OAGF to sustain its efforts toward digitalising its operations and ensuring the timely presentation of professional financial statements to the Office of the Auditor-General for the Federation to strengthen seamless public financial management processes.