Nigeria has warned that it may stop accepting loan facilities from the World Bank if delays in approval and release of funds continue to slow down government projects.

The Accountant-General of the Federation, Shamseldeen Ogunjimi, gave the warning during a meeting in Abuja with a visiting World Bank delegation. He said the country needs faster processing of loan approvals to support development programmes.

According to him, if approvals take more than six months, Nigeria may no longer proceed with such loan arrangements, especially as the funds are meant for important national projects.

He explained that delays in disbursement make it difficult for government agencies to plan and execute projects effectively, even though the loans still come with repayment obligations.

Ogunjimi urged the World Bank to speed up approval and release processes so that ongoing projects are not disrupted.

He also said Nigeria is working on improving its financial management systems, including strengthening auditing processes and upgrading digital tools used in public finance.

On its part, the World Bank encouraged Nigeria to continue reforms in public financial management and ensure timely submission of audit reports, saying this would help improve project implementation and funding flow.