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By Gloria Ikibah

The House of Representatives Public Accounts Committee has ordered the Office of the Accountant-General and the Auditor-General of the Federation to submit the Federal Government’s consolidated financial statements and audited accounts for 2023, 2024 and 2025 by October 2026.

The directive followed a tense investigative session where lawmakers scrutinised prolonged delays in financial reporting and broader concerns about the management of public finances.

At the centre of the storm is a N9.8 billion payment made in 2024 to vendors handling the Government Integrated Financial Management Information System (GIFMIS). Committee members questioned the justification for the outlay, pointing out that the platform has yet to fully achieve its primary purpose of ensuring accurate and timely reconciliation of government accounts.

Committee Chairman, Rep. Bamidele Salam, criticised what he described as a persistent failure to meet statutory reporting obligations. Under the Fiscal Responsibility Act, the Federal Government is required to publish audited, consolidated financial statements within six months of the end of each financial year.

Lawmakers cautioned that repeated delays erode fiscal discipline, weaken institutional credibility and dent investor confidence. They stressed that Nigeria’s standing as Africa’s largest economy counts for little if its public financial reporting continues to fall short of global standards.

The committee maintained that credible and up-to-date financial records are essential not only for transparency at home but also for attracting foreign investment and maintaining the confidence of international development partners.

In his submission, the Accountant-General, represented by the Acting Director of Consolidated Accounts, Shaibu Sikiru, said several operational challenges were responsible for the delay, including the failure of the Central Bank of Nigeria (CBN) to provide complete bank statements of Ministries, Departments and Agencies (MDAs), as well as technical and operational limitations associated with the GIFMIS platform.

He Revealed that the last comprehensive reconciliation of government accounts was conducted in 2022, despite the renewal of contracts with GIFMIS service providers to enhance system efficiency and enable accurate financial consolidation.

Members of the committee members, however, questioned the justification for the payment of N9.8 billion to GIFMIS in 2024, expressing concern that the platform has not significantly improved financial reporting, reconciliation processes or transparency in government accounts.

Responding to questions on the Treasury Single Account (TSA), Sikiru said the engagement of Remita as a payment gateway was implemented without adequate coordination with the Office of the Accountant-General, resulting in operational complications and fragmented financial data management across MDAs.

In his presentation, the Auditor-General for the Federation, Shaakaa Chira, said the non-specification of a timeline for the  Accountant-General to submit the financial statement as provided under the 1999 constitution (as amended) have hindered the timely auditing of the Federation’s accounts.

He added that audit reports covering internal weaknesses and compliance issues for recent year 2022-2025 are currently being finalised for submission to the National Assembly as required by the law.

He noted that constitutional and administrative gaps in the financial reporting framework have contributed to the delays but assured lawmakers that efforts are ongoing to clear the backlog and restore compliance with statutory requirements.

Ruling after the hearing, the committee directed both the Accountant-General and Auditor-General to ensure full submission of all outstanding financial statements and audit reports before October, 2026, warning that failure to comply would attract legislative sanctions.

PAC emphasised that the Committee remains committed to enforcing transparency, accountability and prudent management of public funds in line with its constitutional oversight responsibilities.

Section 85(6) of the 1999 Constitution mandates the Auditor-General to submit annual audit reports on the accounts of the Federation to the National Assembly for legislative scrutiny through its Public Accounts Committee.