WorldStage– The office of the Accountant General of the Federation (OAGF) has announced a series of critical management reforms aimed at enhancing transparency accountability and efficiency in the execution of the World Bank Funded projects across Nigeria .
Dr. Shamseldeen Babatunde Ogunjimi disclosed this during his remark at the Financial Work for Accountant-General, Heads of Projects Financial Management Units and Coordinators of World Bank Funded projects which held today at the Treasury House Garki Abuja.
AGF stated that workshop is to deleberate on enhancing transparency and accountability in the financial management of donor -funded projects added that these values are the foundation upon which we build trust ,ensure effective use of resources and achieve our project development objectives .
He also disclosed that the Financial Management Manual (FMM) has been developed by the office of the Accountant General of the Federation (OAGF) to guide the execution of the financial transactions in projects.
AGF emphasized that all project Coordinators ,Projects Accountants ,Heads of Project Financial Management Units (PFMUs) and other relevant stakeholders are encouraged to use the FMM for their implementation to minimise infractions ,improve performance and sustain favourable rating with the World Bank.
Accountant General disclosed that the World Bank has commenced the roll -out of its “Funds Chains” system ,grounded-bresking block chain-based platform designed to enhance transparency, accountability and efficiency in the management of development project funds.starting with six projects .
AGF also disclosed that OAGF and World Bank have agreed that project Financial Management staff not to be removed six months before the closure of the projects,in order to guide against lapsed loans and undocumented advances ,this aims to ensure that transition of project financial management staff is managed proficiently to avoid disruptions in implentation added that in order to allowed continuity of Project implementation the new project officer should be allowed to stay with old management officer for period not less than three months avoid project stoppage .
Dr. Ogunjimi disclosed that We Continue to address the issue that hinder projects from attaining high ratings, prominent among these issues are lapsed loans and undocumented advances.that OAGF has recently collaborated with the World Bank on drive to reduce outstanding lapsed loans from USD 18Million to USD 7Million(61% reduction).
Accordingly “it has also resulted in significant reduction of undocumented advances by 15%.Projects will be continued to receive letters from us on outstanding lapsed loans and undocumented advances therefore ,I urged all project Coordinators and projects Financial Management Units (PFMUs) to prioritise documentation, refund of lapsed loans adherence to World Bank agreement terms”
Dr. Ogunjimi emphasized on the importance of collaboration, transparency,and accountability in projects Management,urged Accountants to work together to strengthen the system, building capacity and delivery results in tandem with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu.GCFR adminstration.
Ealier in his welcome address by the Country Director ,World Bank ,Mr Mathew A, Verghis represented by FM Coordinator Mr Akram Elshirbegy appreciates the the giant strides of the Accountant General of the Federation and continue to sought for the support of OAGF for the continuity of the projects survival.
