By By Elizabeth Ugbo
The Public Accounts Committee (PAC) of the House of Representatives on Tuesday directed the Office of the Accountant-General and the Auditor-General of the Federation to submit the consolidated financial statements and audited accounts of the Federal Government for 2023, 2024 and 2025 before October 2026, following an investigative hearing in Abuja over delays in public financial reporting.
Lawmakers Probe Delays in Financial Reporting
During the hearing, lawmakers questioned officials over persistent delays in preparing audited government accounts. They also raised concerns about weaknesses in public financial management systems.
PAC Chairman, Mr. Bamidele Salam, expressed dissatisfaction with the Accountant-General’s failure to meet statutory reporting obligations. He stressed that timely financial reporting strengthens fiscal discipline and investor confidence.
According to him, the Fiscal Responsibility Act requires the Federal Government to publish audited consolidated financial statements within six months after each financial year.
He described the repeated delays as unacceptable. He warned that such lapses weaken institutional credibility and harm Nigeria’s investment climate.
N9.8bn GIFMIS Payment Under Scrutiny
The Committee also queried the payment of ₦9.8 billion to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024.
Lawmakers argued that GIFMIS has not achieved its core mandate of ensuring accurate and timely reconciliation of government accounts. They questioned why the government renewed contracts despite poor system performance.
Officials confirmed that the last comprehensive reconciliation of accounts occurred in 2022. This disclosure further heightened concerns among committee members.
Accountant-General Explains Operational Challenges
Representing the Accountant-General, Mr. Shaibu Sikiru, Acting Director of Consolidated Accounts, attributed the delay to operational setbacks.
He cited incomplete bank statements from the Central Bank of Nigeria (CBN) covering Ministries, Departments and Agencies (MDAs). He also mentioned technical limitations within the GIFMIS platform.
Furthermore, he explained that the Treasury Single Account (TSA) arrangement created data management challenges. He said Remita’s engagement as a payment gateway occurred without proper coordination with the Accountant-General’s office. Consequently, MDAs faced fragmented financial data management.
Auditor-General Highlights Constitutional Gaps
Auditor-General for the Federation, Mr. Shaakaa Chira, pointed to constitutional limitations affecting timely audits.
He explained that the 1999 Constitution does not specify a deadline for the Accountant-General to submit financial statements. As a result, audit timelines often suffer delays.
However, he assured lawmakers that audit reports covering 2022 to 2025 are nearing completion. He pledged to submit them to the National Assembly soon.
Committee Warns of Legislative Sanctions
After the hearing, the Committee ordered both offices to clear all outstanding reports before October 2026.
PAC warned that failure to comply would attract legislative sanctions. Lawmakers reaffirmed their commitment to transparency, accountability and prudent management of public funds.
Section 85(6) of the 1999 Constitution mandates the Auditor-General to submit annual audit reports to the National Assembly through the Public Accounts Committee for review.
