Reps Order Accountant-General, Auditor-General to Submit Four Years FG Financial Statements

• Query N9.8B GIFMIS Payment

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

The resolution followed an investigative hearing involving the Accountant-General of the Federation and the Auditor-General for the Federation, during which lawmakers examined delays in financial reporting and concerns over public financial management systems.

The Committee also queried the payment of N9.8 billion to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024, noting that the platform has yet to deliver its core mandate of facilitating accurate and timely reconciliation of government accounts.

Chairman of the Committee, Rep. Bamidele Salam, expressed strong dissatisfaction with the failure of the Accountant-General to comply with statutory financial reporting obligations.

He noted that the Fiscal Responsibility Act mandates the Federal Government to publish audited, consolidated financial statements not later than 6 months of the end of each financial year.

Salam described the persistent delay in publishing audited financial statements as unacceptable, warning that such lapses undermine fiscal discipline, weaken institutional credibility and negatively impact investor confidence.

He further noted that Nigeria, despite being Africa’s largest economy, continues to lag behind in public financial reporting standards, thereby limiting its ability to attract foreign investment and secure support from international development partners who rely on current and credible financial information.

In his submission, the Accountant-General, represented by Mr. Shaibu Sikiru, Acting Director of Consolidated Accounts, attributed the delay to several operational challenges, 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 disclosed 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.

Committee members, however, questioned the justification for the payment of ₦9.8 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), the Accountant-General’s representative stated that 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, Mr. Shaakaa Chira, explained that 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.