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AGF warns that Nigeria may reject delayed World Bank loans

Published

3 weeks ago

May 8, 2026

Preport

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Nigeria’s Accountant General of the Federation, Shamseldeen Ogunjimi, has warned that the country may decline future World Bank loan arrangements if delays in approvals and disbursements continue.

Mr Ogunjimi stated this in Abuja during a meeting with a World Bank delegation led by Treed Lane, according to a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

The accountant general expressed concern over what he described as lengthy bureaucratic processes surrounding development financing, stressing that delayed approvals could affect project implementation and fiscal planning.

“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.

He noted that Nigeria expects faster processing of funding requests because the facilities are repayable loans rather than grants.

According to him, prolonged delays in accessing approved funds could undermine the effectiveness of projects tied to the financing arrangements.

Mr Ogunjimi urged the World Bank to accelerate approval and disbursement procedures to support the country’s development priorities.

Audit reports, financial reforms

The accountant-general said his office had begun addressing concerns earlier raised by the World Bank regarding public financial management and audit reporting.

He disclosed that the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 reports is ongoing.

Mr Ogunjimi added that the government is taking steps to modernise the Government Integrated Financial Management Information System (GIFMIS) by replacing obsolete infrastructure with updated technology.

According to him, the reforms are aimed at strengthening transparency, accountability and efficiency in Nigeria’s public finance system.

World Bank response

Speaking during the visit, Mrs Lane congratulated Mr Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.

She also encouraged the Office of the Accountant-General to sustain ongoing digitalisation reforms and ensure the timely submission of financial statements to the Auditor-General.

The development comes amid growing scrutiny of Nigeria’s rising debt exposure to the World Bank and concerns over delays in loan disbursements.

READ ALSO: World Bank reviews livestock support projects in Kwara, Oyo

The World Bank explained that its loans are not released in lump sums but are tied to specific milestones and implementation conditions, depending on the financing structure of each project.

The global lender also noted that disbursement timelines vary across projects and are linked to agreed performance benchmarks between Nigeria and the bank.

Related Topics:AGF Bank delayed loans Nigeria reject warns World

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Average price of petrol rises to ₦1,532.93 per litre in April, up 18.97% — NBS

Published

4 hours ago

May 29, 2026

Preport

The average retail price of Premium Motor Spirit (petrol) rose to ₦1,532.93 per litre in April 2026, up from ₦1,288.54 recorded in March, according to data released by the National Bureau of Statistics (NBS) on Friday.

The latest Premium Motor Spirit (Petrol) Price Watch shows that the April price represents an 18.97 per cent increase on a month-on-month basis.

The report also indicates that on a year-on-year basis, the average retail price rose from ₦1,239.33 in April 2025 to ₦1,532.93 in April 2026, representing a 23.69 per cent increase.

According to the NBS data, Yobe recorded the highest average retail price at ₦1,599.05 per litre, followed by Edo at ₦ 1,595.74 and Bauchi at ₦ 1,589.07.

On the other hand, Niger recorded the lowest average price at ₦1,403.89 per litre, followed by Sokoto at ₦1,404.16 and Katsina at ₦1,406.28.

The South-South recorded the highest average retail price at ₦1,566.76 per litre, while the North-West recorded the lowest at the ₦1,508.81 per litre.

Diesel price increases

The National Bureau of Statistics also said the average retail price of Automotive Gas Oil (diesel) rose by 50.16 per cent on a month-on-month basis in April 2026.

The price increased from N1,648.06 per litre in March to N2,474.69 per litre in April.

On a year-on-year basis, diesel price increased by 43.67 per cent from ₦1,722.45 per litre in April 2025 to N2,474.69 per litre in April 2026.

READ ALSO: Nigeria’s GDP grows by 3.89% in Q1 2026 — NBS

Nasarawa recorded the highest average diesel price at ₦2,818.94 per litre, followed by Ebonyi at ₦2,754.06 and Taraba at ₦2,704.76.

Kebbi recorded the lowest price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

The North-East recorded the highest average diesel price at ₦2,603 per litre, while the North-West recorded the lowest at ₦2,409.34 per litre.

The report highlights continued variation in petrol and diesel prices across states and geopolitical zones during the period under review.

Business

Mutual Benefits Assurance Reports ₦80bn Revenue, Expands Assets to ₦176bn

Published

16 hours ago

May 29, 2026

Preport

Mutual Benefits Assurance Plc has released its audited financial results for the year ended December 31, 2025, reporting a 19.6 per cent growth in insurance revenue to ₦80.05 billion from ₦66.92 billion recorded in 2024.

Profit before tax climbed to ₦17.41 billion, representing a 47.5 per cent increase from ₦11.80 billion in the previous year, while profit after tax rose to ₦16.42 billion from ₦11.32 billion in 2024.

The insurer also strengthened its balance sheet during the period, with total assets rising to ₦176.25 billion from ₦147.13 billion in the prior year.

Total equity increased to ₦69.73 billion from ₦54.79 billion in 2024, supported by retained earnings growth and improved profitability.

Earnings per share rose to 81 kobo from 54 kobo, reflecting enhanced shareholder value during the year under review.

Mutual Benefits recorded notable growth in investment income, with net investment income increasing to ₦19.87 billion, driven by higher interest income, fair value gains and disciplined portfolio management. Interest income alone stood at ₦10.88 billion during the period.

Operationally, the company reported a sharp improvement in insurance service result, which rose to ₦8.77 billion from ₦1.07 billion in 2024.

The performance was attributed to stronger underwriting discipline, improved claims management and more effective reinsurance arrangements.

Financial assets measured at amortised cost increased significantly to ₦86.99 billion, contributing to the expansion of the group’s investment portfolio and overall asset base.

Shareholders’ funds attributable to owners of the parent company also strengthened to ₦65.00 billion, underscoring the company’s continued capital growth and prudent financial management.

Commenting on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflected the success of the company’s long-term growth strategy and operational transformation initiatives.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders, while strengthening our leadership position in Nigeria’s insurance industry,” he said.

The company said it would continue to focus on digital transformation, operational efficiency and enhanced customer experience as part of its long-term growth strategy.

Looking ahead, Mutual Benefits plans to deepen its digital distribution channels, improve claims efficiency and expand across retail and corporate insurance segments in Nigeria and selected African markets.