The Auditor-General for the Federation, Mr Shaaka Chira has promised that the audited report of the Federal Government of Nigeria consolidated financial statements for 2023 will be ready by March 31 2026.
He also promised that the 2024 report will be ready by June 30 2026. He however did not say anything about that of 2025.
Chira made the promise before the Public Accounts Committee (PAC) of the House of Representatives during a special stakeholders session called by the committee to address the issue of audit report delays.
A source at the Auditor-General’s office in an interview, told Financialtrust.com.ng that although the lawmakers are asking for 2023, 2024 and 2025 reports, it will be impossible to get the report of 2025 because the capital component of the 2025 budget is still being implemented.
The Committee also raised queries over the payment of N9.8 billion made in 2024 to vendors handling the Government Integrated Financial Management Information System (GIFMIS), observing that the platform has not yet fulfilled its primary responsibility of ensuring accurate and prompt reconciliation of government accounts.
The session involved both the Accountant-General and the Auditor-General, where lawmakers reviewed delays in financial reporting and raised concerns about weaknesses in public financial management systems.
The Chairman of the committee, Hon. Bamidele Salam expressed his displeasure over late release of audit reports, sometimes two to three years after the fiscal year, saying it is unacceptable. To date the Auditor-General’s report that is before the committee is that of 2022, while that of 2023, 2024 and 2025 are still pending.
Following the meeting, the Committee instructed the Office of the Accountant-General of the Federation and the Office of the Auditor-General for the Federation to compile and submit the federal government’s consolidated financial statements and audited accounts for 2023, 2024 and 2025 before October 2026.
Salam, voiced strong displeasure over the Accountant-General’s failure to meet statutory obligations for financial reporting.
He pointed out that the Fiscal Responsibility Act requires the federal government to publish audited and consolidated financial statements within six months after the end of each financial year.
Salam described the recurring delays in releasing audited accounts as unacceptable, cautioning that such shortcomings weaken fiscal discipline, erode institutional credibility and discourage investor confidence.
He further observed that Nigeria, despite ranking as one of Africa’s largest economies, still falls short in meeting acceptable public financial reporting standards, a situation that hampers its ability to attract foreign investment and obtain support from international development partners who depend on timely and reliable financial data.
Acting Director of Consolidated Accounts, Mr. Shaibu Sikiru, who represented the Accountant-General at the meeting, blamed the delays on several operational setbacks.
These included the inability of the Central Bank of Nigeria to supply complete bank statements for Ministries, Departments and Agencies (MDAs), as well as technical and operational challenges linked to the GIFMIS platform.
He revealed that the last full reconciliation of government accounts took place in 2022, even though contracts with GIFMIS service providers had been renewed to improve system performance and enable accurate financial consolidation.
Committee members nonetheless questioned the rationale for paying N9.8 billion to GIFMIS vendors in 2024, noting that the system has not significantly enhanced financial reporting, reconciliation procedures or transparency in public accounts.
Responding to enquiries about the Treasury Single Account (TSA), the Accountant-General’s representative explained that the introduction of Remita as a payment gateway was carried out without sufficient coordination with the Accountant-General’s Office, leading to operational difficulties and fragmented financial data management among MDAs.
The Auditor-General for the Federation, Mr. Shaakaa Chira, in his own submission stated that the absence of a clearly defined timeline in the 1999 Constitution (as amended) for the Accountant-General to submit financial statements has affected the prompt auditing of the Federation’s accounts.
He added that audit reports covering internal control weaknesses and compliance concerns for the period 2022 to 2025 are currently being completed for submission to the National Assembly, in accordance with legal requirements.
Chira noted that both constitutional and administrative shortcomings within the financial reporting framework have contributed to the delays, but assured lawmakers that steps are being taken to clear the backlog and restore compliance with statutory provisions.