Reps Demand 2022 Financial Statement, Raise Concerns Over 2024 Budget Execution

The House of Representatives Public Accounts Committee (PAC) has directed the Accountant General of the Federation, Mrs. Shakirat Madein, to submit the Federal Government’s 2022 Consolidated Financial Statement to the Auditor General, as mandated by the 1999 Constitution.

During a recent session in Abuja, the committee, led by Rep. Bamidele Salam, voiced concerns over the poor execution of the capital portion of the 2024 budget, which the Accountant General reported at a mere 25%. The committee noted that this limited implementation could hinder Nigeria’s economic growth objectives.

Rep. Salam highlighted Nigeria’s lag in the timely submission and review of audit reports compared to countries like Kenya, Ghana, and Rwanda. He attributed this setback to the consistent delay in the submission of financial statements by the Accountant General’s office.

Addressing the issue of low revenue remittances from government-owned enterprises, the PAC chairman stressed the need for more rigorous steps to prevent financial leakages. He recommended automating revenue collection processes and conducting regular audits to ensure accountability.

The committee further instructed the Accountant General, the Ministry of Foreign Affairs, and the Ministry of Interior to urgently resolve outstanding issues regarding the non-automation of revenue collection from foreign missions. This measure aims to improve transparency and efficiency in public financial management.

Rep. Salam also revealed that the 2021 Auditor General’s report, recently submitted to the National Assembly, would be reviewed promptly after the passage of the 2024 Appropriation Bill.

In her defense, Mrs. Madein cited the delay in submitting the 2022 financial statement as a result of insufficient data on government revenue from the Central Bank of Nigeria (CBN). However, she assured the committee that significant progress had been made and committed to completing the process within two months.

She also briefed the committee on various initiatives aimed at improving financial accountability, including a review of the 2009 Financial Regulations, which is awaiting the Federal Executive Council’s approval for implementation.