Lawmakers demand overdue federal financial statements
The House of Representatives Public Accounts Committee has instructed the Offices of the Accountant-General and Auditor-General to submit consolidated financial statements and audited accounts for multiple years. Bamidele Salam criticized ongoing delays and non-compliance with statutory reporting obligations. Lawmakers also questioned large payments to vendors for a financial management system that has not met expectations. Both offices were warned that failure to comply with the new directive would result in legislative sanctions.
Key takeaways
- The Public Accounts Committee directed the Accountant-General and Auditor-General to prepare and submit consolidated financial statements and audited accounts for 2023, 2024, and 2025 before October 2026.
- Lawmakers raised concerns over the payment of N9.8bn to Government Integrated Financial Management Information System vendors in 2024, noting the system's failure to improve reconciliation and reporting.
- Bamidele Salam described the delays in publishing audited financial statements as unacceptable and warned they undermine fiscal discipline and investor confidence.
- The Auditor-General, Shaakaa Chira, cited constitutional and administrative gaps as reasons for the persistent delays, stating that audit reports for 2022 to 2025 are being finalised.
- The committee warned that non-compliance with the directive to submit outstanding financial statements and audit reports before October 2026 would attract legislative sanctions.
