House Public Accounts Committee directs submission of Federal Government financial statements for 2023–2025 before October 2026
The House of Representatives Public Accounts Committee has directed the Offices of the Accountant-General of the Federation and the Auditor-General for the Federation to prepare and submit consolidated financial statements and audited accounts of the Federal Government for 2023, 2024 and 2025 before October 2026.
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The directive followed an investigative hearing at the National Assembly on Monday, where lawmakers examined persistent delays in financial reporting and raised concerns over the effectiveness of public financial management systems.
Chairman of the Committee, Mr Bamidele Salam, expressed dissatisfaction with what he described as a pattern of non-compliance by the Accountant-General’s office.
“The Fiscal Responsibility Act mandates the Federal Government to publish audited, consolidated financial statements not later than six months after the end of each financial year,” Salam said.
He warned that “such lapses undermine fiscal discipline, weaken institutional credibility and negatively impact investor confidence.”
The committee questioned the payment of N9.8bn to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024, noting that the platform has yet to fulfil its core mandate of ensuring accurate and timely reconciliation of government accounts.
Representing the Accountant-General of the Federation, Shamseldeen Ogunjimi, Acting Director of Consolidated Accounts, Shuaibu Sikiru, attributed delays to operational and institutional challenges, including incomplete bank statements from the Central Bank of Nigeria and technical limitations of the GIFMIS platform.
Sikiru disclosed that the last comprehensive reconciliation of government accounts was conducted in 2022, despite renewed contracts aimed at enhancing the system.
He also highlighted issues with the Treasury Single Account, noting that the engagement of Remita as a payment gateway occurred without sufficient coordination with the Accountant-General’s office, creating fragmented financial data across Ministries, Departments and Agencies.
Auditor-General for the Federation, Mr Shaakaa Chira, pointed to structural weaknesses in the legal framework, noting that the 1999 Constitution (as amended) does not specify a timeline for the Accountant-General to submit financial statements, contributing to delays in auditing.
He assured lawmakers that audit reports covering internal weaknesses and compliance issues for 2022–2025 are being finalised.
Delays in the submission of audited accounts have long been a concern. Analysts attribute the backlog to weak inter-agency coordination, incomplete data from MDAs, capacity constraints within audit institutions and ambiguities in constitutional provisions.
The lack of up-to-date accounts limits the National Assembly’s oversight capacity and affects budget deliberations.
The Committee ruled that failure to submit the outstanding financial statements and audit reports by October 2026 would attract legislative sanctions.
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Salam’s Committee reiterated its commitment to transparency, accountability and prudent management of public funds, insisting that timely financial reporting is essential to restoring public confidence in government finances.
