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AGF warns that Nigeria may reject delayed World Bank loans

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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.

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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.


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NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has restated its commitment to nurturing the growth of Takaful and micro insurance in Nigeria, positioning them as vital tools for financial inclusion.

The Commissioner for Insurance, Olusegun Ayo Omosehin, disclosed this today when the Board and Management of Noor Takaful led by the Chairman of the Company, Amb. Shuaibu Ahmad, visited  the commission.

Speaking during the visit, the Commissioner for Insurance commended the company’s progress and urged greater ambition in expanding market reach, driving product innovation, and raising public awareness.

As Noor Takaful approaches its 10th anniversary, the Commissioner encouraged the leadership to accelerate outreach and customer education, highlighting Takaful’s role in broadening access to protection for underserved communities.

Both institutions expressed optimism about strengthening collaboration to promote trust, innovation, and inclusive insurance for all Nigerians.

The post NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary appeared first on Business Today NG.

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Aviation workers threaten nationwide protest over unpaid ticket sales charges

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Nigeria’s aviation workers have issued a fresh seven-day ultimatum to airline operators and other organisations that have failed to remit the statutory five per cent Ticket Sales Charge (TSC), warning that they will embark on nationwide picketing if the outstanding debts are not settled.

The notice, jointly issued by the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE), follows the expiration of an earlier 14-day ultimatum served on 8 July, which lapsed on 23 July without compliance from the affected operators.

The five per cent Ticket Sales Charge is a statutory levy imposed on every airline ticket sold in Nigeria. The proceeds are remitted to the Nigeria Civil Aviation Authority (NCAA) and shared among aviation agencies to fund regulatory oversight, safety, security and other statutory responsibilities.

The latest warning comes months after airline operators announced they would no longer collect and remit the five per cent Ticket Sales Charge on behalf of the NCAA, arguing that the arrangement had become unsustainable. PREMIUM TIMES reported at the time that the decision raised concerns over the funding of aviation agencies and the future administration of the statutory levy.

In a statement jointly signed by ATSSSAN General Secretary, Frances Akinjole, and NUATE Deputy General Secretary, Odinaka Igbokwe, the unions accused defaulting operators of failing to remit the charges despite repeated warnings.

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“Our earlier 14-day ultimatum has expired, and regrettably, willful non-compliance has been recorded,” the unions said.

According to them, the continued failure to remit the statutory deductions is depriving aviation agencies of funds required to carry out their responsibilities effectively.

“The aviation agencies remain starved of the required funds to keep our skies safe, while the conditions of service of our members in the various agencies continue to be jeopardised because of the non-remittance of the Ticket Sales Charge,” the statement added.

The unions argued that the prolonged withholding of the funds has weakened the financial capacity of the agencies and adversely affected workers’ welfare.

They warned that the situation could ultimately pose risks to aviation safety and security.

“This unnecessary demotivation factor to the air transport worker is a security and safety risk,” they said.

Declaring that they could no longer remain passive, the unions issued what they described as a final seven-day notice to all defaulting airline operators and other indebted organisations.

READ ALSO: NCAA threatens sanctions as Royal Air Maroc allegedly defies regulatory authority

“We can no longer helplessly fold our hands and allow the safety of our airspace to remain compromised,” the statement said.

It added: “We hereby issue a seven-day notice to every TSC defaulter to remit the total debt owed to the agencies. Failure to do so will result in our unions taking concrete actions at their various premises.”

If the dispute remains unresolved after the expiration of the ultimatum, the planned picketing could disrupt airline operations and other aviation activities nationwide, adding to recent operational challenges in the sector.
Neither the Airline Operators of Nigeria (AON) nor the NCAA had publicly responded to the unions’ latest ultimatum as of the time of filing this report.


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