The House of Representatives ordered the Accountant-General and Auditor-General to submit four years of Federal Government financial statements
The Public Accounts Committee (PAC) of the House of Representatives has raised concerns over the payment of ₦9.8 billion to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024, questioning the value delivered by the platform despite the huge expenditure.
The committee noted that GIFMIS has failed to achieve its core mandate of ensuring accurate, timely and comprehensive reconciliation of government accounts.
Following an investigative hearing with the Accountant-General of the Federation and the Auditor-General for the Federation, the committee directed both offices to prepare and submit the consolidated financial statements and audited accounts of the Federal Government for 2023, 2024 and 2025 no later than October 2026.
The hearing focused on persistent delays in financial reporting and growing concerns over the effectiveness of public financial management systems.
Chairman of the committee, Rep. Bamidele Salam, expressed strong dissatisfaction with what he described as the failure of the Office of the Accountant-General to meet statutory reporting obligations.
Salam recalled that the Fiscal Responsibility Act (FRA, 2007) requires the Federal Government to publish audited and consolidated financial statements within six months after the end of each financial year, describing the continued delays as unacceptable.
According to him, the lapses undermine fiscal discipline, weaken institutional credibility and erode investor confidence. He added that Nigeria, despite being Africa’s largest economy, continues to trail behind in public financial reporting standards, a situation he said limits the country’s ability to attract foreign investment and secure support from international development partners who rely on credible and up-to-date financial data.
In his submission, the Accountant-General of the Federation, represented by Shaibu Sikiru, attributed the delays to operational challenges, including the failure of the Central Bank of Nigeria to provide complete bank statements for Ministries, Departments and Agencies (MDAs), as well as technical and operational limitations of the GIFMIS platform.
He disclosed that the last comprehensive reconciliation of government accounts was carried out in 2022, despite the renewal of contracts with GIFMIS service providers aimed at improving system efficiency and financial consolidation.
Committee members, however, questioned the justification for the ₦9.8 billion payment in 2024, noting that the platform has not led to significant improvements in financial reporting, reconciliation processes or transparency in government accounts.
On issues relating to the Treasury Single Account (TSA), the Accountant-General’s representative explained that the engagement of Remita as a payment gateway was implemented without adequate coordination with the Office of the Accountant-General, resulting in operational challenges and fragmented financial data management across MDAs.
In his presentation, the Auditor-General for the Federation, Shaakaa Chira, said the absence of a clearly specified timeline for the Accountant-General to submit financial statements under the 1999 Constitution (as amended) has hindered the timely auditing of the Federation’s accounts.
He added that audit reports addressing internal control weaknesses and compliance issues for the 2022–2025 financial years are being finalised and will be forwarded to the National Assembly in line with legal requirements.
Chira acknowledged that constitutional and administrative gaps in the financial reporting framework have contributed to the delays but assured lawmakers that steps are being taken to clear the backlog and restore compliance.
Ruling after the hearing, the committee warned that failure by the Accountant-General and Auditor-General to submit all outstanding financial statements and audit reports before October 2026 would attract legislative sanctions.
The PAC reaffirmed its commitment to enforcing transparency, accountability and prudent management of public funds in line with its constitutional oversight mandate, noting that Section 85(6) of the 1999 Constitution requires the Auditor-General to submit annual audit reports on the Federation’s accounts to the National Assembly for scrutiny by the Public Accounts Committee.
