The Federal Government is facing delays in finalizing its Consolidated Financial Statement for 2022 as a result of challenges in reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria. The Accountant General of the Federation, Dr Oluwatoyin Madein, highlighted this issue during a recent oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja.
Since assuming office in May 2023, Madein mentioned that the Federal Government’s Consolidated Financial Statements have been prepared and audited up to December 31, 2019. Collaborating with the Auditor-General of the Federation, preparations and audits for the years 2020 and 2021 have been completed, while work on the 2022 statement is ongoing.
Efforts are being made to address Nigeria’s revenue challenges through aggressive revenue drives, leading to improved 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 strengthen financial management, with the support of the National Assembly.
The Chairman of the House Committee on Public Accounts, Hon Bamidele Salam, urged the AGF to hasten the submission of the 2022 Consolidated Financial Statement as mandated by the 1999 Constitution. Concerns were raised regarding low revenue remittances by government-owned enterprises, emphasizing the need for stricter measures to prevent revenue leakages through automation and regular audits.
The AGF’s office remains committed to enhancing fiscal transparency and addressing revenue shortfalls in the future.