𝗡𝗶𝗴𝗲𝗿𝗶𝗮 𝗺𝗮𝘆 𝗿𝗲𝗷𝗲𝗰𝘁 𝗪𝗼𝗿𝗹𝗱 𝗕𝗮𝗻𝗸 𝗹𝗼𝗮𝗻𝘀 𝗼𝘃𝗲𝗿 𝗱𝗲𝗹𝗮𝘆𝘀 – 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁 𝗚𝗲𝗻𝗲𝗿𝗮𝗹
𝗡𝗶𝗴𝗲𝗿𝗶𝗮 𝗺𝗮𝘆 𝗿𝗲𝗷𝗲𝗰𝘁 𝗪𝗼𝗿𝗹𝗱 𝗕𝗮𝗻𝗸 𝗹𝗼𝗮𝗻𝘀 𝗼𝘃𝗲𝗿 𝗱𝗲𝗹𝗮𝘆𝘀 – 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁 𝗚𝗲𝗻𝗲𝗿𝗮𝗹
Nigeria’s Accountant General has hinted that the country may reconsider seeking further loans from the World Bank if delays in approval and disbursement continue to affect key government projects.
Speaking during a recent financial briefing, the Accountant General expressed concerns that prolonged delays tied to loan processing and implementation timelines could slow down infrastructure development, social intervention programmes, and economic reforms across the country. According to him, Nigeria needs quicker access to funding to effectively address pressing national needs, especially amid rising economic challenges and growing demands for public services.
He noted that while the World Bank has remained one of Nigeria’s major development partners, bureaucratic bottlenecks and lengthy approval procedures have sometimes made it difficult for the government to execute projects on schedule. The Accountant General stressed that if such delays persist, the Federal Government may begin exploring alternative funding sources or strengthen internally generated revenue instead of relying heavily on external borrowing.
The official also emphasized the need for responsible borrowing, stating that loans should directly translate into visible development and economic growth for citizens. He added that Nigeria must ensure that every borrowed fund is tied to productive projects capable of boosting employment, improving infrastructure, and stimulating the economy.
Economic analysts say Nigeria’s growing debt profile has already sparked debates over the country’s dependence on international loans. Some experts believe reducing reliance on foreign borrowing could help ease debt servicing pressures, while others argue that concessional loans from institutions like the World Bank remain important for financing long-term development projects.
The statement comes at a time when the Nigerian government is seeking ways to stabilize the economy, manage inflation, and increase public revenue amid ongoing fiscal pressures.
