The Accountant General of the Federation (AGF), Dr Shamseldeen Babatunde Ogunjimi has unveiled sweeping reforms aimed at deepening transparency in the management of World Bank-funded projects across Nigeria.
The measures were outlined on Tuesday during a workshop for Accountant-General officials, Heads of Project Financial Management Units, and Coordinators of World Bank-assisted programmes held at the Treasury House in Garki, Abuja.
In a statement signed by Bawa Mokwa, Director of Press at the OAGF, the Accountant General of the Federation, Dr Shamseldeen Babatunde Ogunjimi, said the reforms were critical to restoring confidence and ensuring optimal delivery of development projects.
The statement reads partly: “The workshop is to deliberate on enhancing transparency and accountability in the financial management of donor-funded projects. These values are the foundation upon which we build trust, ensure effective use of resources, and achieve our project development objectives.
“The Financial Management Manual (FMM) has been developed by the Office of the Accountant General of the Federation to guide the execution of financial transactions in projects.
“All Project Coordinators, Project Accountants, Heads of Project Financial Management Units and other stakeholders are encouraged to use the FMM to minimise infractions, improve performance and sustain favourable ratings with the World Bank.
“The World Bank has commenced the roll-out of its ‘Funds Chains’ system, a groundbreaking blockchain-based platform designed to enhance transparency, accountability and efficiency in the management of development project funds, beginning with six projects.”
Dr Ogunjimi further disclosed that the OAGF and the World Bank have agreed that project financial management personnel must not be removed within six months of a project’s closure. He said the directive is intended to curb lapsed loans, prevent undocumented advances, and ensure a smooth transition that does not interrupt implementation.
To strengthen continuity, the AGF stated that incoming project officers must work alongside outgoing officers for no fewer than three months to avoid operational disruptions and project stagnation.
He noted that the OAGF has intensified efforts to eliminate compliance issues affecting project ratings. According to him, a recent collaboration with the World Bank led to a reduction of outstanding lapsed loans from USD 18 million to USD 7 million, representing a 61% drop, while undocumented advances were cut by 15%.
He added that project teams will continue to receive reminders and formal notifications on outstanding lapsed loans and undocumented advances, urging Coordinators and Project Financial Management Units to prioritise proper documentation, prompt refunds, and strict adherence to World Bank agreements.
Dr Ogunjimi emphasised that the success of development projects depends on collaboration, transparency, and accountability. He urged accountants and financial management staff to reinforce systems, build institutional capacity, and deliver measurable results aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu.