The Workplace of the Accountant Basic of the Federation, Shamseldeen Ogunjimi, has introduced a collection of essential administration reforms geared toward enhancing transparency, accountability, and effectivity within the execution of World {Bank} funded initiatives throughout Nigeria.
Ogunjimi disclosed this throughout his remarks on the {Financial} Workshop for Accountant-Basic, Heads of Tasks {Financial} Administration Models, and Coordinators of World {Bank} Funded Tasks, which held on the Treasury Home in Garki, Abuja.
“The workshop is to deliberate on enhancing transparency and accountability within the {financial} administration of donor-funded initiatives,” he stated.
“These values are what we use to construct belief, ensure that sources are used properly, and attain our undertaking growth targets.”
To attain this, the OAGF has developed a {Financial} Administration Guide to information the execution {of financial} transactions in initiatives.
Ogunjimi emphasised that each one undertaking coordinators, undertaking accountants, heads of Challenge {Financial} Administration Models, and different related stakeholders are inspired to make use of the FMM for his or her implementation to minimise infractions, enhance efficiency, and maintain favorable scores with the World {Bank}.
Moreover, the World {Bank} has commenced the rollout of its “Funds Chains” system, a blockchain-based platform designed to reinforce transparency, accountability, and effectivity within the administration of growth undertaking funds, beginning with six initiatives.
The Accountant Basic additionally disclosed that the OAGF and World {Bank} have agreed that undertaking {financial} administration employees won’t be eliminated six months earlier than the closure of initiatives to forestall lapsed loans and undocumented advances.
“This goals to make sure that the transition of undertaking {financial} administration employees is managed proficiently to keep away from disruptions in implementation,” he defined.
“With a purpose to enable continuity of undertaking implementation, the brand new undertaking officer must be allowed to stick with the previous administration officer for a interval of not lower than three months to keep away from undertaking stoppage.”
Ogunjimi additional disclosed that the OAGF has been working to deal with points that hinder initiatives from attaining excessive scores, outstanding amongst that are lapsed loans and undocumented advances.
“We now have just lately collaborated with the World {Bank} on a drive to scale back excellent lapsed loans from $18 million to $7 million, a 61% discount,” he stated.
“Accordingly, it has additionally resulted in a major discount of undocumented advances by 15%. Tasks will proceed to obtain letters from us on excellent lapsed loans and undocumented advances. Subsequently, I urged all undertaking coordinators and PFMUs to prioritize documentation, refund of lapsed loans, and adherence to World {Bank} agreements.”
The Accountant Basic emphasised the significance of collaboration, transparency, and accountability in undertaking administration, urging accountants to work collectively to strengthen the system, construct capability, and ship leads to tandem with the Renewed Hope Agenda of President Bola Tinubu’s administration.
Earlier, the Nation Director of the World {Bank}, Matthew Verghis, represented by FM Coordinator, Akram Elshirbegy, praised the OAGF’s efforts and sought continued help for undertaking success.