Why FG’s 2022 financial statement is delayed – AGF

The Federal Government’s Consolidated Financial Statement for 2022 has been delayed due to challenges in reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria.

This was disclosed by the Accountant General of the Federation, Dr 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.

According to a press statement on Friday by Bawa Mokwa, the director of press at the Office of the Accountant General of the Federation, Madein stated that since her resumption of office in May 2023, the Federal Government’s Consolidated Financial Statements had been prepared and audited up to December 31, 2019.

In the statement, she was quoted as saying, “In collaboration with the Auditor-General of the Federation, we have prepared and Audited 2020, 2021 CFS while 2022 is ongoing.

“It would have been completed but for problems we have regarding the reconciliation of Bank Statement for the Consolidated Revenue Fund with the Central Bank of Nigeria.”

The AGF also revealed efforts to tackle Nigeria’s revenue challenges through aggressive revenue drives, which she said had improved funding for personnel costs, overheads, and capital projects in 2024.

She noted that her office had proposed enhancements to the Government Integrated Financial Management Information System and the Integrated Payroll and Personnel Information System, aimed at strengthening financial management, with the support of the National Assembly.

In response, the Chairman of the House Committee on Public Accounts, Hon Bamidele Salam, urged the AGF to expedite the submission of the 2022 Consolidated Financial Statement as required by the 1999 Constitution.

He also highlighted concerns over low revenue remittances by government-owned enterprises, calling for stricter measures to block revenue leakages through automation and regular audits.

The AGF’s office pledged continued efforts to enhance fiscal transparency and address revenue shortfalls.