The Federal Government’s Consolidated Financial Statement (CFS) for 2022 has been delayed due to difficulties in reconciling the Consolidated Revenue Fund (CRF) bank statement with the Central Bank of Nigeria (CBN).
This disclosure was made 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.
In a press statement issued on Friday by Bawa Mokwa, Director of Press at the Office of the Accountant General, Dr. Madein explained that since assuming office in May 2023, her office has successfully prepared and audited the Consolidated Financial Statements up to December 31, 2019. She added that, in collaboration with the Auditor-General of the Federation, the 2020 and 2021 CFS have also been completed, while the 2022 statement is still in progress.
“We had hoped to complete the 2022 CFS, but issues with reconciling the CRF bank statement with the Central Bank of Nigeria have caused a delay,” Dr. Madein said.
The Accountant General also highlighted efforts to address Nigeria’s revenue challenges through proactive revenue drives, which have resulted in improved funding for personnel costs, overheads, and capital projects in 2024.
She also shared plans to enhance financial management systems, including the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), with the support of the National Assembly.
In response, Hon. Bamidele Salam, Chairman of the House Committee on Public Accounts, urged the AGF to expedite the submission of the 2022 CFS, as required by the 1999 Constitution. He also expressed concerns about low revenue remittances from government-owned enterprises and called for stricter measures to prevent revenue leakages through automation and regular audits.
The Accountant General’s office reaffirmed its commitment to improving fiscal transparency and addressing revenue shortfalls.
