The Office of the Accountant General of the Federation (OAGF) has introduced a set of significant management reforms designed to improve transparency, accountability, and efficiency in the delivery of World Bank-funded projects across Nigeria.
Dr Shamseldeen Babatunde Ogunjimi announced the reforms during his remarks at the Financial Workshop for the Accountant-General, Heads of Project Financial Management Units, and Coordinators of World Bank-funded projects, held on Monday at the Treasury House, Garki, Abuja.
According to the Accountant-General, the workshop aims to deliberate on strengthening transparency and accountability in the financial management of donor-supported projects. He noted that “these values are the foundation upon which we build trust, ensure effective use of resources, and achieve our project development objectives.”
Dr Ogunjimi also revealed that the OAGF has developed a Financial Management Manual (FMM) to guide the execution of all financial transactions within project environments. He emphasised that project Coordinators, Project Accountants, Heads of Project Financial Management Units (PFMUs), and other key stakeholders are encouraged to apply the manual consistently to minimise infractions, enhance performance, and sustain favourable ratings with the World Bank.
The Accountant-General further disclosed that the World Bank has begun rolling out its new “Funds Chains” system — a groundbreaking blockchain-based platform intended to improve transparency, accountability and efficiency in the management of development project funds. The rollout is commencing with six projects.
In an additional measure to safeguard project continuity, Dr Ogunjimi stated that the OAGF and the World Bank have agreed that Project Financial Management staff should not be removed within six months of a project’s closure. This move is intended to prevent issues such as lapsed loans and undocumented advances. He added that new project officers should work alongside outgoing officers for no fewer than three months to avoid disruptions in implementation.
“We continue to address the issues that hinder projects from attaining high ratings, prominent among these issues are lapsed loans and undocumented advances,” he said. Dr Ogunjimi revealed that the OAGF, working closely with the World Bank, has reduced outstanding lapsed loans from USD 18 million to USD 7 million - a 61 per cent reduction. “It has also resulted in significant reduction of undocumented advances by 15%,” he added.
He noted that projects will continue receiving formal notifications on outstanding lapsed loans and undocumented advances. He urged all Project Coordinators and PFMUs to prioritise documentation, refund of lapsed loans, and adherence to World Bank agreement terms.
Dr Ogunjimi further underscored the critical role of collaboration, transparency and accountability in project management, calling on accountants to strengthen systems, build capacity and deliver results in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
Earlier, in his welcome address, the World Bank Country Director, Mr Mathew A. Verghis, represented by FM Coordinator Mr Akram Elshirbegy, commended the Accountant-General for his “giant strides” and appealed for the continued support of the OAGF to ensure the sustainability and success of the projects.
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