The Federal Government’s Consolidated Financial Statement (CFS) for 2022 has been delayed due to unresolved challenges in reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria (CBN).
This was disclosed by the Accountant General of the Federation (AGF), 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 press statement issued on Friday by Bawa Mokwa, Director of Press at the Office of the Accountant General of the Federation, Madein noted that significant progress had been made in preparing and auditing the Federal Government’s financial statements up to 2019.
She said, “In collaboration with the Auditor-General of the Federation, we have prepared and audited 2020 and 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.”
Naijaonpoint reports that Madein revealed that her office is taking steps to address Nigeria’s revenue challenges through aggressive revenue mobilization efforts, which she said have improved funding for personnel costs, overheads, and capital projects in 2024.
She added that the Office of the Accountant General has proposed enhancements to financial management systems, including the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), to further strengthen fiscal management.
These proposals have been submitted to the National Assembly for approval.
Lawmakers Demand Accountability
In response, the Chairman of the House Committee on Public Accounts, Bamidele Salam, urged the AGF to fast-track the completion and submission of the 2022 financial statement, in compliance with constitutional requirements.
Salam also expressed concerns about low revenue remittances by government-owned enterprises, emphasizing the need for stricter measures to curb leakages through automation and regular audits.
The AGF assured lawmakers of her office’s commitment to enhancing fiscal transparency and resolving outstanding issues that delay compliance with financial reporting obligations.