OAGF unveils major reforms to strengthen transparency in World Bank–funded projects

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

The Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, revealed the reforms on Tuesday during a financial management workshop for Accountant-Generals, Project Financial Management Unit (PFMU) heads, project coordinators, and other stakeholders, held at the Treasury House in Abuja.

Dr. Ogunjimi noted that the workshop was convened to strengthen transparency and accountability in the administration of donor-funded projects, stressing that these values are essential to building trust, ensuring effective use of resources, and achieving development objectives.

He announced that the OAGF has developed a new Financial Management Manual (FMM) to guide financial transactions in all donor-funded projects, encouraging project coordinators, accountants, and PFMU heads to adopt the manual to minimise infractions, improve performance, and sustain favourable ratings with the World Bank.

The AGF also disclosed that the World Bank has begun rolling out a blockchain-based “Funds Chains” platform to enhance transparency and efficiency in the management of project funds.

The rollout will commence with six selected projects.

As part of efforts to improve project continuity, Dr. Ogunjimi said the OAGF and the World Bank have agreed that financial management staff of projects should not be removed within six months of project closure.

Additionally, new finance officers must work alongside outgoing officers for at least three months to prevent disruptions that often lead to lapsed loans or undocumented advances.

He highlighted ongoing efforts to address factors affecting project ratings, especially lapsed loans and undocumented advances. According to him, the OAGF’s partnership with the World Bank has reduced outstanding lapsed loans from $18 million to $7 million—representing a 61% reduction—and achieved a 15% drop in undocumented advances.

Dr. Ogunjimi urged project coordinators and PFMUs to prioritise proper documentation, timely refunds of lapsed loans, and strict adherence to World Bank agreements, noting that letters will continue to be issued to projects with unresolved financial queries.

Reinforcing the importance of collaboration and transparency, the AGF encouraged accountants and project managers to work together to strengthen systems, build capacity, and deliver results aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

In his remarks, World Bank Country Director Mr. Mathew A. Verghis—represented by FM Coordinator Akram Elshirbegy—commended the Accountant-General’s reforms and reaffirmed the Bank’s commitment to supporting Nigeria in sustaining the progress recorded in project implementation.