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By Tracy Moses
The House of Representatives Public Accounts Committee (PAC) has given the Office of the Accountant-General of the Federation and the Office of the Auditor-General for the Federation up to October 2026 to clear the backlog of delayed federal audited accounts.
The directive was issued on Monday during an investigative hearing at the National Assembly, where lawmakers expressed concern over the persistent failure to submit consolidated financial statements and audit reports within statutory timelines.
Chairman of the Committee, Bamidele Salam, described the recurring delays as unacceptable and warned that continued non-compliance could attract legislative sanctions.
He noted that the Fiscal Responsibility Act mandates the Federal Government to publish audited, consolidated financial statements not later than six months after the end of each financial year.
“Persistent delays undermine fiscal discipline, weaken institutional credibility and negatively impact investor confidence,” Salam said.
The Committee directed both offices to prepare and submit the consolidated financial statements and audited accounts of the Federal Government for the 2023, 2024 and 2025 financial years before October 2026.
Lawmakers also queried the payment of N9.8 billion to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024.
The Committee observed that despite renewed contracts, the platform has not significantly improved reconciliation processes, transparency, or the timeliness of financial reporting.
Members demanded detailed explanations for the expenditure, especially as the last comprehensive reconciliation of government accounts was reportedly conducted in 2022.
Representing the Accountant-General of the Federation, Acting Director of Consolidated Accounts, Shuaibu Sikiru, attributed the delays to operational and institutional challenges.
He cited incomplete bank statements from the Central Bank of Nigeria covering Ministries, Departments and Agencies (MDAs), as well as technical limitations within the GIFMIS platform.
Sikiru further explained that the engagement of Remita as a payment gateway under the Treasury Single Account framework occurred without adequate coordination with the Accountant-General’s office, resulting in fragmented financial data management across MDAs.
In his submission, the Auditor-General for the Federation, Shaakaa Chira, pointed to structural gaps in the legal framework governing financial reporting.
He observed that while the Fiscal Responsibility Act prescribes timelines for publication, the 1999 Constitution (as amended) does not specify a timeframe within which the Accountant-General must submit financial statements for audit.
Chira added that audit reports covering 2022 to 2025 were being finalised for submission to the National Assembly.
The Committee noted that delayed submission of audited accounts has become a recurring issue across successive administrations, limiting effective legislative oversight and constraining the National Assembly’s ability to properly assess the government’s financial position during budget consideration.
Ruling at the close of the hearing, the Committee reiterated that all outstanding financial statements and audit reports for 2023, 2024 and 2025 must be submitted before October 2026, warning that failure to comply would attract appropriate legislative action.
The Salam-led Committee reaffirmed its commitment to strengthening transparency, accountability and prudent management of public funds, stressing that timely financial reporting is critical to restoring public confidence in government finances.