The Federal Government’s Consolidated Financial Statement for 2022 faces delays due to difficulties in reconciling the bank statement of the Consolidated Revenue Fund with the Central Bank of Nigeria.
This was revealed during an oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja on January 8, 2024. The Accountant General of the Federation announced that since stepping into her role in May 2023, the Federal Government’s Consolidated Financial Statements have been prepared and audited only up to December 31, 2019.
Efforts to prepare and audit the statements for 2020 and 2021 are complete, but work on the 2022 statement is ongoing. The Accountant General pointed out that the reconciliation issues with the Central Bank of Nigeria have hindered the timely completion of the 2022 report.
To address Nigeria’s revenue challenges, the Accountant General discussed aggressive revenue drives that have positively impacted funding for personnel costs, overheads, and capital projects in 2024. Proposed enhancements to the Government Integrated Financial Management Information System and the Integrated Payroll and Personnel Information System aim to improve financial management with National Assembly support.
In response, the Chairman of the House Committee on Public Accounts urged swift submission of the 2022 Consolidated Financial Statement, emphasizing compliance with the 1999 Constitution. He also expressed concerns over inadequate revenue remittances from government-owned enterprises, advocating for stricter measures to prevent revenue leakages through automation and regular audits.
Furthermore, the Accountant General’s office committed to ongoing efforts to improve fiscal transparency and tackle revenue shortfalls, ensuring better financial management for the nation.
