Publish Audited Accounts By Q1 2027, Federal Govt Orders MDAs

The federal government has directed all ministries, departments and agencies (MDAs) to submit their audited financial statements for publication in the first quarter of 2027, a move that could bring public spending under closer scrutiny.

Finance and Coordinating Minister of the Economy Taiwo Oyedele announced the directive at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja. He said government financial reports and policy statements should be routine, easy to access and open to public scrutiny, much as individuals regularly receive their own financial statements.

It remains unclear how compliance will be enforced, whether agencies with outstanding audits will be sanctioned, or what consequences will follow if irregularities are found.

The directive comes amid chronic delays in audit reporting. The latest report submitted to the National Assembly covers 2024 and reached lawmakers only in July this year. The 2025 report is still outstanding.

Experts said publication alone will not guarantee accountability. They said the accounts must be independently audited, published in accessible formats, reviewed by oversight bodies and followed by corrective action where breaches are found.

At the conference, themed “Beyond Numbers: Strengthening the Economy, Securing the Nation,” ICAN President Queensley Seghosime said public confidence in government finances rests on credible reporting and independent audits. “Trust is the true currency of every economy,” she said. She noted that the economy grew by about 4.2 per cent in the first half of 2026, but said the growth must translate into better jobs, services and living standards. She also urged accountants to resist pressure to compromise their independence as the 2027 general elections approach.

Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service and special guest of honour, urged ICAN to play a bigger role in policy formulation beyond regulation.

About 12,000 delegates attended physically and virtually, according to ICAN, which has more than 72,000 members.