The Federal Government’s Consolidated Financial Statement for 2022 has been delayed due to challenges in reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria.
This was revealed by the Accountant General of the Federation, Dr Oluwatoyin Madein, during an oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja on January 8, 2024.
In a statement issued on Friday by Bawa Mokwa, the Director of Press at the Office of the Accountant General of the Federation, Madein explained that the Federal Government’s Consolidated Financial Statements had been prepared and audited up to December 31, 2019, since her assumption of office in May 2023.
She said, “In collaboration with the Auditor-General of the Federation, we have prepared and audited 2020, 2021 CFS while 2022 is ongoing.
“It would have been completed but for problems we have regarding the reconciliation of the Bank Statement for the Consolidated Revenue Fund with the Central Bank of Nigeria.”
Dr Madein also highlighted efforts to address Nigeria’s revenue challenges through aggressive revenue drives, which she stated had improved funding for personnel costs, overheads, and capital projects in 2024.
Additionally, she noted that her office had proposed enhancements to key financial management systems, including the Government Integrated Financial Management Information System and the Integrated Payroll and Personnel Information System, with the support of the National Assembly. These upgrades are aimed at strengthening financial transparency and efficiency.
In his remarks, the Chairman of the House Committee on Public Accounts, Hon Bamidele Salam, urged the AGF to fast-track the submission of the 2022 Consolidated Financial Statement in line with the requirements of the 1999 Constitution.
Salam also expressed concerns about low revenue remittances by government-owned enterprises and emphasised the need for stricter measures to block revenue leakages. He called for greater adoption of automation and more frequent audits to improve fiscal accountability.
The Office of the Accountant General of the Federation assured the public of its commitment to enhancing fiscal transparency and addressing revenue shortfalls to strengthen Nigeria’s financial systems.