The Public Accounts Committee of the House of Representatives has expressed displeasure over the low implementation of the capital component of the 2024 budget.
The panel made its feelings known during an interface with the Accountant General of the Federation, Dr Shakirat Madein on Wednesday.
Led by Hon. Bamidele Salam (PDP, Osun), the committee expressed worries that the Accountant General put the implementation of the budget at 25 per cent.
While noting that the situation was derailing the attainment of desired economic growth, the lawmakers asked Madein to submit the 2022 consolidated financial statement of the Federal Government to the Auditor General of the Federation in line with the provisions of the 1999 Constitution.
Salam stressed that it was regrettable that from recent studies conducted in Kenya, Ghana and Rwanda, Nigeria is still lagging in the submission and consideration of audit reports largely due to the non-submission of financial statements by the Accountant General’s office as required by law.
While considering the submissions of the Accountant General on the low revenue remittances by many government-owned enterprises, the PAC Chairman said there was a need for stricter measures to block revenue leakages through the automation of processes and regular audit exercises.
The committee also asked the Accountant General, the Ministry of Foreign Affairs and Ministry of Interior to immediately resolve all outstanding issues on the non automation of revenue collections from Foreign missions to ensure transparency and accountability in the process.
The committee’s chairman said the 2021 Auditor General’s report, which was recently submitted to the National Assembly, will receive accelerated consideration immediately after the passage of the 2025 Appropriation Bill currently before the House.
The Accountant General of the Federation blamed the delay in the submission of the consolidated financial statement on the lack of sufficient data on government revenue from the Central Bank of Nigeria (CBN).
She assured the committee that efforts were at an advanced stage to get the CBN to submit the necessary information and undertook to conclude the exercise within two months.
Madein told the committee that there were several initiatives by her office to strengthen existing regulations and initiate new ones to promote greater accountability in public expenditure management.
She assured that the Financial Regulations 2009 has been reviewed and only awaiting the approval of the Federal Executive Council (FEC) to become operational.
