OAGF unveils reforms to strengthen transparency in W’ Bank–funded projects

Barbara Bako, Abuja.

The Office of the Accountant General of the Federation (OAGF) has announced a series of reforms aimed at improving transparency, accountability and financial management across World Bank–funded projects in Nigeria...

Accountant General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, disclosed this on Tuesday during a financial management workshop for Accountant-General staff, Project Coordinators and Heads of Project Financial Management Units (PFMUs) held at the Treasury House in Abuja.

Dr. Ogunjimi said the workshop was convened to deliberate on enhancing transparency and accountability in the financial management of donor-funded projects, noting that such values “are the foundation upon which we build trust, ensure effective use of resources and achieve our project development objectives.”

He revealed that the OAGF has developed a Financial Management Manual (FMM) to guide the execution of project-related financial transactions, urging all Project Coordinators, Project Accountants and PFMU heads to strictly apply the manual to reduce infractions, improve performance and sustain favourable ratings with the World Bank.

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The AGF also announced the rollout of the World Bank’s new blockchain-based platform, Funds Chains, designed to enhance the transparency and efficiency of project fund management while the system is beginning with six projects in its first phase.

As part of new transition rules, Dr. Ogunjimi said the OAGF and the World Bank have agreed that project financial management staff should not be removed within six months of project closure to prevent lapsed loans and undocumented advances.

He added that new project officers must work alongside outgoing officers for at least three months “to avoid project stoppage.”

Highlighting recent achievements, the AGF stated that the OAGF, in collaboration with the World Bank, has reduced outstanding lapsed loans from USD 18 million to USD 7 million, representing a 61% reduction, while undocumented advances have dropped by 15%.

According to him, “Projects will continue to receive letters from us on outstanding lapsed loans and undocumented advances. Therefore, I urge all Project Coordinators and Project Financial Management Units (PFMUs) to prioritise documentation, refund of lapsed loans and adherence to World Bank agreements.”

Dr. Ogunjimi also emphasized the need for teamwork and strengthened systems, urging accountants to deepen collaboration and capacity building in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

In his remarks, World Bank Country Director, Mr. Matthew A. Verghis—represented by FM Coordinator, Mr. Akram Elshirbegy commended the OAGF for its “giant strides” and requested continued cooperation to ensure the sustainability of World Bank supported projects.