The Accountant General of the Federation (AGF), Dr Oluwatoyin Madein, disclosed that the Nigerian government’s consolidated financial statement for 2022 has been delayed because of difficulties reconciling the consolidated revenue fund bank statement with the Central Bank of Nigeria (CBN).
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 director of press at the Office of the Accountant General of the Federation, Bawa Mokwa, said in a press release on Friday that the consolidated financial statements had been prepared and audited up until December 31, 2019, since Madein resumed her duties in May 2023.
“We have prepared and audited 2020 and 2021 CFS in collaboration with the Auditor-General of the Federation, while 2022 is ongoing,” she was quoted as saying in the release.
“It would have been finished, but for the issues we are having with the Central Bank of Nigeria and the Consolidated Revenue Fund’s bank statement reconciliation.”
The AGF also disclosed initiatives to address Nigeria’s income issues through vigorous tax collection campaigns, which she claimed have increased 2024 financing for capital projects, overheads, and personnel expenses.
She stated that, with the National Assembly’s approval, her office had suggested improvements to the government’s integrated financial management information system and the Integrated Payroll and Personnel Information System to bolster financial management.
Hon. Bamidele Salam, the Chairman of the House Committee on Public Accounts, responded by pleading with the AGF to submit the 2022 Consolidated Financial Statement as soon as possible under the 1999 Constitution.
He called for stronger steps to stop revenue leaks through automation and frequent audits, highlighting worries about poor revenue repatriation by government-owned businesses.
The office of the AGF promised to keep up its efforts to improve fiscal transparency and deal with income shortages.
