Reps direct Accountant-Common, Auditor-Common to submit 4 years’ FG monetary statements

The Home of Representatives Public Accounts Committee on Monday directed the Places of work of the Accountant-Common of the Federation and the Auditor-Common for the Federation to arrange and submit the consolidated monetary statements and audited accounts of the Federal Authorities for 2023, 2024 and 2025 earlier than October 2026.

The directive adopted an investigative listening to on the Nationwide Meeting, the place lawmakers examined delays in monetary reporting and raised issues over the effectiveness of public monetary administration techniques.

The committee additionally queried the cost of N9.8bn to distributors of the Authorities Built-in Monetary Administration Info System in 2024, observing that the platform has but to fulfil its core mandate of guaranteeing correct and well timed reconciliation of presidency accounts.

The Chairman of the Committee, Mr Bamidele Salam, expressed dissatisfaction with what he described as a sample of non-compliance with statutory reporting obligations by the Accountant-Common’s workplace.

“The Fiscal Duty Act mandates the Federal Authorities to publish audited, consolidated monetary statements not later than six months of the tip of every monetary 12 months,” he mentioned.

Salam described the persistent delay in publishing audited monetary statements as unacceptable, warning that “such lapses undermine fiscal self-discipline, weaken institutional credibility and negatively impression investor confidence.”

He additional argued that the gradual tempo of economic reporting in Nigeria’s public sector “limits her capacity to draw international funding and safe help from worldwide improvement companions who depend on present and credible monetary info.”

In the meantime, committee members demanded explanations for the N9.8bn paid to GIFMIS service suppliers in 2024, noting that the system has not considerably improved reconciliation processes, transparency or the timeliness of presidency monetary reporting.

Representing the Accountant-Common of the Federation, Shamseldeen Ogunjimi, the Performing Director of Consolidated Accounts, Shuaibu Sikiru, attributed the delay in making ready up-to-date monetary statements to operational and institutional challenges.

He cited the failure of the Central Bank of Nigeria to offer full financial institution statements for Ministries, Departments and Companies, in addition to the technical and operational limitations of the GIFMIS platform.

Sikiru disclosed that the final complete reconciliation of presidency accounts was carried out in 2022, regardless of renewed contracts with GIFMIS distributors geared toward enhancing system effectivity and enabling correct monetary consolidation.

Responding to questions on the Treasury Single Account, he acknowledged that the engagement of Remita as a cost gateway was undertaken with out ample coordination with the Workplace of the Accountant-Common, resulting in operational issues and fragmented monetary knowledge administration throughout MDAs.

In his presentation, the Auditor-Common for the Federation, Mr Shaakaa Chira, pointed to structural weaknesses within the authorized framework governing monetary reporting timelines.

He defined that the non-specification of a timeline for the Accountant-Common to submit monetary statements beneath the 1999 Structure (as amended) has hindered the well timed auditing of the Federation’s accounts.

“Constitutional and administrative gaps within the monetary reporting framework have contributed to the delays,” he mentioned, including that audit experiences protecting inside weaknesses and compliance points for the years 2022 to 2025 are being finalised for submission to the Nationwide Meeting.

Chira assured lawmakers that efforts have been ongoing to clear the backlog and restore compliance with statutory necessities.

Delays within the submission of audited monetary statements to the Nationwide Meeting have been a recurring concern throughout successive administrations. Underneath current legal guidelines, the Accountant-Common prepares the Federation’s monetary statements, that are then audited by the Auditor-Common earlier than being transmitted to the legislature for consideration by the Public Accounts Committees of the Senate and the Home of Representatives.

Nevertheless, gaps between the tip of a monetary 12 months and the eventual submission of audited accounts have usually stretched past the six-month window stipulated within the Fiscal Duty Act.

Analysts have attributed the backlog to weak inter-agency coordination, incomplete monetary knowledge from MDAs, capability constraints inside audit establishments and ambiguities in constitutional provisions concerning submission deadlines.

The delay has sensible implications. With out up-to-date audited accounts, the Nationwide Meeting’s oversight capability is constrained, and finances deliberations could proceed with out a full image of the federal government’s monetary place.

Ruling after the listening to, the Committee directed each the Accountant-Common and the Auditor-Common to make sure the submission of all excellent monetary statements and audit experiences earlier than October 2026.

Lawmakers warned that failure to adjust to the directive would appeal to legislative sanctions.

The Salam-led Committee reiterated its resolve to strengthen transparency, accountability and prudent administration of public funds, insisting that well timed monetary reporting is central to restoring public confidence in authorities funds.