By Bassey Udo
The Federal Government on Tuesday unveiled a series of critical management reforms aimed at enhancing transparency, accountability and efficiency in the execution of World Bank-funded projects across Nigeria.
The Accountant General of the Federation (OAGF), Dr, Shamseldeen Ogunjimi,
disclosed this at the Financial Work for Accountants-General, Heads of Projects Financial Management Units and Coordinators of World Bank-funded projects in Abuja.
The AGF said the workshop was organized to deliberate on measures to enhance transparency and accountability in the financial management of donor agency-funded projects,
He said these values were the foundation upon which trust was built to ensure the effective use of resources to achieve set project development objectives.
The Financial Management Manual (FMM), the AGF pointed out, was developed by his office to guide the effective execution of the financial transactions in projects
The AGF emphasized that all project Coordinators, Projects Accountants, Heads of Project Financial Management Units (PFMUs) of Ministries, Departments and agencies and other relevant stakeholders were encouraged to use the FMM for their implementation to minimise infractions, improve performance and sustain favourable rating with the World Bank.
The Accountant General disclosed that the World Bank had commenced the roll-out of its “Funds Chains“ system, ground-breaking block chain-based platform designed to enhance transparency, accountability and efficiency in the management of development project funds starting with six projects.
Also, he disclosed that the OAGF and World Bank have agreed that project Financial Management staff would not be removed six months before the closure of the projects, in order to guide against lapsed loans and undocumented advances.
This, he explained, was aimed at ensuring that the transition of project financial management staff was managed proficiently to avoid disruptions in the implementation of projects.
To allow continuity of Project implementation, he said the new project officers should be allowed to stay with the old management officers for a period not less than three months to avoid project disruption.
Dr. Ogunjimi disclosed that the government would continue to address the issue that hinder projects implementation from attaining high ratings, prominent among these include lapsed loans and undocumented advances.
He said the OAGF recently collaborated with the World Bank on a drive to reduce outstanding lapsed loans by 61 percent, from $18million to $7million.
The effort, he noted, also resulted in significant reduction of undocumented advances by 15%, adding that projects would continue to receive letters from the government on outstanding lapsed loans and undocumented advances.
He enjoined all project Coordinators and projects Financial Management Units (PFMUs) to prioritise documentation, refund of lapsed loans adherence to World Bank agreements.
Dr. Ogunjimi emphasized the importance of collaboration, transparency and accountability in projects Management, urging Accountants to work together to strengthen the system, build capacity and deliver results in tandem with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s adminstration.
The Country Director of the World Bank, Mr Mathew A,Verghis, who was represented by FM Coordinator, Mr Akram Elshirbegy, in his welcome address, expressed appreciation for the giant strides of the Accountant General of the Federation and continue to seek for his support for the continuity of the projects survival.
