The AGF stated that the delay in the release of the Federal Government’s 2022 Consolidated Financial Statement was due to difficulties in reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria (CBN). The Accountant-General of the Federation (AGF), Dr. Oluwatoyin Madein revealed this fact during an oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja on January 8, 2024. According to Dr. Madein, this reconciliation issue has significantly slowed down the process of completing and auditing the financial statement, which is required to ensure fiscal transparency and compliance with constitutional mandates.
Dr. Madein, who assumed office in May 2023, emphasized her commitment to improving financial management and reporting. She noted that under her leadership, the Federal Government’s Consolidated Financial Statements had been prepared and audited up to December 31, 2019. Furthermore, statements for 2020 and 2021 had been audited in collaboration with the Auditor-General of the Federation, while the statement for 2022 was still in progress. However, the finalization of the 2022 report remained pending due to the unresolved discrepancies between the bank records of the Consolidated Revenue Fund and the CBN’s accounts, a critical component of the government’s overall financial reconciliation process.
The AGF highlighted that addressing these challenges required extensive efforts and collaboration with relevant financial institutions. She pointed out that delays of this nature affect the timeliness of financial accountability, but assured that measures were being taken to expedite the completion of the reconciliation and subsequent submission of the statement. She also stressed the importance of enhancing Nigeria’s financial management systems. To this end, proposals have been made to improve the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS). These initiatives, supported by the National Assembly, aim to strengthen fiscal operations, reduce inefficiencies, and bolster the government’s ability to manage resources effectively.
Hon. Bamidele Salam, Chairman of the House Committee on Public Accounts, expressed concern over the delayed submission of the 2022 financial statement, noting that it contravenes constitutional provisions. He urged the AGF to prioritize the reconciliation process to ensure compliance with the requirements of the 1999 Constitution. Hon. Salam also highlighted the persistent issue of low revenue remittances by government-owned enterprises. He called for stricter enforcement of automation and regular audits to block revenue leakages and improve financial accountability.
In response to the revenue challenges, Dr. Madein outlined the government’s ongoing efforts to enhance revenue collection and fiscal transparency. She noted that aggressive revenue drives had been implemented, resulting in better funding for personnel costs, overheads, and capital projects in 2024. The AGF reiterated her office’s commitment to addressing revenue shortfalls and enhancing public financial management to meet national development goals.
The office of the AGF pledged to continue working closely with relevant agencies to ensure a more transparent and efficient financial reporting system. Experts agree that timely financial reporting is crucial for building public trust, guiding policy decisions, and ensuring sustainable economic management. As efforts to complete the 2022 Consolidated Financial Statement progress, stakeholders are hopeful for more robust fiscal governance in Nigeria.
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