OAGF Unveils New Reforms to Boost Transparency in World Bank–Funded Projects
Abiodun Folarin, Abuja
The Office of the Accountant-General of the Federation (OAGF) has unveiled a series of major financial management reforms designed to strengthen transparency, accountability and efficiency in the implementation of World Bank–funded projects across the country.
The Accountant-General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, announced the reforms while speaking at a financial management workshop for Accountants-General, Heads of Project Financial Management Units (PFMUs), and Coordinators of World Bank–funded projects, held on Tuesday at the Treasury House, Garki, Abuja.
Dr. Ogunjimi said the workshop was convened to deliberate on ways to improve transparency and accountability in managing donor-funded projects, stressing that these values remain the pillars for building public trust, ensuring prudent use of resources, and achieving development objectives.
He disclosed that the OAGF has developed a Financial Management Manual (FMM) to guide financial transactions in projects and ensure consistent application of global standards. He urged Project Coordinators, Project Accountants and PFMU Heads to strictly adhere to the manual to minimise infractions, enhance performance and sustain favourable ratings with the World Bank.
The AGF further announced that the World Bank has commenced the rollout of its innovative “Funds Chains” system, a blockchain-based platform aimed at boosting transparency, accountability and efficiency in managing development project funds. The rollout begins with six pilot projects.
To curb lapses in project implementation, Dr. Ogunjimi also revealed that the OAGF and the World Bank have agreed that project financial management staff should not be removed within six months to the closure of any project. This, he said, will prevent lapsed loans and undocumented advances and ensure smooth transitions. In addition, new project officers will now understudy outgoing officers for a minimum of three months to avoid disruptions.
Highlighting progress recorded, the AGF noted that the OAGF, in collaboration with the World Bank, has reduced outstanding lapsed loans from $18 million to $7 million representing a 61 percent reduction. Undocumented advances, he added, have also dropped by 15 percent.
“We will continue to address issues hindering projects from attaining high ratings. I urge all Project Coordinators and PFMUs to prioritise proper documentation, refund lapsed loans and adhere strictly to World Bank agreement terms,” he said.
Dr. Ogunjimi stressed the importance of collaboration, transparency and accountability in project management and encouraged accountants to strengthen systems, build capacity and deliver results in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Earlier in his welcome remarks, the World Bank Country Director, Mr. Mathew A. Verghis represented by FM Coordinator Mr. Akram Elshirbegy commended the significant reforms introduced by the Accountant-General and reaffirmed the World Bank’s commitment to continued collaboration with the OAGF to sustain project success.
