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FG Stalls 2022 Consolidated Financial Statement Amid CBN Reconciliation Concerns
The Federal Government’s Consolidated Financial Statement (CFS) for 2022 has been postponed due to unresolved reconciliation challenges between the Consolidated Revenue Fund bank statement and the Central Bank of Nigeria (CBN).....KINDLY READ THE FULL STORY HERE▶
This was revealed by the Accountant General of the Federation (AGF), 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 of the Federation, Madein highlighted that significant progress has been made in preparing and auditing the Federal Government’s financial statements up to 2019.
She stated, “In collaboration with the Auditor-General of the Federation, we have prepared and audited the CFS for 2020 and 2021, while work on 2022 is ongoing. However, the completion has been delayed due to issues with reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria.”
Madein noted that her office is working on addressing Nigeria’s revenue challenges through aggressive revenue mobilization efforts, which have contributed to improved funding for personnel costs, overheads, and capital projects in 2024.
Additionally, the Office of the Accountant General has proposed enhancements to financial management systems, including the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), aimed at strengthening fiscal management.
These proposals have been submitted to the National Assembly for approval.
Lawmakers Demand Accountability
In response, the Chairman of the House Committee on Public Accounts, Bamidele Salam, called on the AGF to expedite the completion and submission of the 2022 financial statement, in line with constitutional requirements.
Salam also expressed concerns regarding low revenue remittances by government-owned enterprises, stressing the need for stricter measures to combat leakages through automation and regular audits.
The AGF assured lawmakers of her office’s dedication to enhancing fiscal transparency and resolving outstanding issues to ensure timely compliance with financial reporting obligations.
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