The House of Representatives’ Public Accounts Committee (PAC) has directed the Office of the Accountant-General of the Federation (OAGF) and the Auditor-General of the Federation (AuGF) to submit consolidated financial statements and audited accounts for 2023, 2024, and 2025 by October 2026.
The committee issued the directive after an investigative hearing where it grilled officials on delays in financial reporting and weaknesses in public financial management systems.
It also raised concerns about the N9.8 billion paid in 2024 to vendors of the Government Integrated Financial Management Information System (GIFMIS), highlighting that the platform has yet to fully deliver on its mandate of ensuring timely and accurate reconciliation of government accounts.
PAC Chairman, Bamidele Salam (PDP, Osun), expressed strong dissatisfaction with the OAGF’s persistent non-compliance with statutory reporting requirements.
He stressed that the Fiscal Responsibility Act requires the federal government to publish audited, consolidated financial statements within six months after each fiscal year’s end.
Section 85(6) of the 1999 Constitution requires the Auditor-General to present annual audit reports on the Federation’s accounts to the National Assembly for review through the Public Accounts Committee.
The continued delay in producing audited financial statements, Mr Salam said, “is unacceptable,” warning that such actions undermine fiscal discipline, weaken institutional credibility, and negatively impact investor confidence.
He added that Nigeria, despite being Africa’s largest economy, lags behind in public financial reporting, limiting opportunities for foreign investment and support from international development partners who depend on timely, reliable financial data.
The Acting Director of Consolidated Accounts, Shaibu Sikiru, who represented the Accountant-General, cited operational hurdles as the primary cause of delays, including incomplete bank statements from the Central Bank of Nigeria (CBN) for various Ministries, Departments, and Agencies (MDAs) and technical limitations of the GIFMIS platform.
He noted that the last full reconciliation of government accounts was carried out in 2022, even after contract renewals with GIFMIS providers aimed at improving system efficiency.
Committee members pressed Mr Sikiru on the ₦9.8 billion GIFMIS payment, questioning why the platform had not materially improved reconciliation, reporting, or transparency in government accounts.
On the Treasury Single Account (TSA), he acknowledged that the use of Remita as a payment gateway was implemented without proper coordination with the OAGF, causing fragmented financial data management across MDAs.
The Auditor-General for the Federation, Shaakaa Chira, told the committee that the absence of a constitutionally specified timeline for submitting financial statements has “hindered timely auditing.”
He confirmed that audit reports covering 2022–2025, which detail internal control weaknesses and compliance issues, are being finalised for submission to the National Assembly.
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Mr Chira also noted that “both constitutional and administrative gaps in financial reporting have contributed to delays,” but assured lawmakers that measures are underway to address backlogs and restore compliance.
After the hearing, the lawmakers mandated the OAGF and AuGF to submit all outstanding statements and audit reports by October 2026, warning that non-compliance would attract legislative sanctions.
They reiterated their commitment to transparency, accountability, and prudent management of public funds in line with their constitutional oversight role.