The House of Representatives has directed the Office of the Accountant-General of the Federation and the Office of the Auditor-General for the Federation to prepare and submit four years of the Federal Government’s financial statements before October 2026.
The directive was issued on Monday by the House Public Accounts Committee during an investigative hearing at the National Assembly in Abuja. Lawmakers examined the continued delay in the submission of audited and consolidated financial statements of the Federal Government.
The committee asked both offices to submit the consolidated financial statements and audited accounts for the years 2023, 2024 and 2025 within the given deadline. Members warned that failure to comply would attract legislative sanctions.
The Chairman of the Committee, Mr Bamidele Salam, expressed concern over what he described as repeated failure by the Accountant-General’s office to meet legal reporting obligations.
According to him, timely financial reporting is not optional but a requirement under Nigerian law.
At the hearing, lawmakers questioned why audited accounts have not been published within the time allowed by law. The Fiscal Responsibility Act requires the Federal Government to publish audited, consolidated financial statements not later than six months after the end of each financial year.
Salam said the continued delay weakens fiscal discipline and damages the credibility of public institutions. He added that it could also discourage foreign investors and development partners who depend on accurate and up-to-date financial information before making decisions.
The committee also raised questions over the payment of N9.8 billion in 2024 to service providers of the Government Integrated Financial Management Information System, known as GIFMIS.
GIFMIS is an electronic platform introduced by the Federal Government to improve transparency, accountability and proper management of public funds. It is expected to help reconcile accounts of Ministries, Departments and Agencies (MDAs) in a timely manner.
However, committee members said the system has not fully achieved its core purpose. They noted that reconciliation of government accounts remains slow and financial statements are still delayed despite renewed contracts with service providers.
Lawmakers demanded detailed explanations on how the N9.8 billion was spent and what improvements have been recorded.
Representing the Office of the Accountant-General of the Federation, the Acting Director of Consolidated Accounts, Shuaibu Sikiru, told lawmakers that several operational and institutional challenges have affected the preparation of up-to-date financial statements.
He explained that one major challenge is the failure of the Central Bank of Nigeria to provide complete bank statements for MDAs on time. Without full bank records, he said, it becomes difficult to reconcile and consolidate government accounts.
Sikiru also pointed to technical and operational limitations of the GIFMIS platform. He disclosed that the last comprehensive reconciliation of government accounts was conducted in 2022.
Despite renewed contracts aimed at improving the system, he admitted that gaps remain in financial consolidation.
He also addressed concerns about the Treasury Single Account (TSA), which was introduced to centralise government revenues and reduce leakages. According to him, the engagement of Remita as a payment gateway was done without adequate coordination with the Accountant-General’s office.
This, he said, led to operational complications and fragmented data management across various MDAs, making reconciliation more difficult.
In his presentation, the Office of the Auditor-General for the Federation also explained reasons for the delay.
The Auditor-General, Mr Shaakaa Chira, said there are structural weaknesses in the legal framework guiding financial reporting timelines. He noted that while the 1999 Constitution (as amended) provides for auditing of government accounts, it does not clearly state the exact timeline within which the Accountant-General must submit financial statements for audit.
He said this gap has contributed to delays in the auditing process.
Chira, however, assured lawmakers that audit reports covering internal weaknesses and compliance issues for the years 2022 to 2025 are being finalised. He promised that efforts are ongoing to clear the backlog and restore full compliance with legal requirements.
Delays in submitting audited financial statements have been a recurring issue under different administrations in Nigeria.
By law, the Accountant-General prepares the Federation’s financial statements at the end of each financial year. These statements are then sent to the Auditor-General for review and audit. After auditing, the reports are submitted to the National Assembly, where the Public Accounts Committees of both chambers examine them.
This process is central to legislative oversight. It allows lawmakers to check how public funds were spent and whether government agencies complied with financial rules.
When audited accounts are not available on time, the National Assembly may debate and pass new budgets without a clear picture of the government’s actual financial position. Experts say this weakens transparency and reduces the effectiveness of budget planning.
Nigeria has in recent years introduced reforms such as GIFMIS and the Treasury Single Account to strengthen public financial management. While these reforms have recorded some progress, challenges in coordination, data management and compliance remain.
After listening to submissions from both offices, the committee issued a clear directive. It ordered the Accountant-General and the Auditor-General to ensure that all outstanding financial statements and audit reports are submitted before October 2026.
Lawmakers warned that failure to meet the deadline would attract sanctions from the House.
Salam said the committee is determined to strengthen transparency and accountability in the management of public funds. He stressed that timely financial reporting is key to restoring public confidence in government finances.
The committee’s action signals renewed pressure from the National Assembly to enforce compliance with financial reporting laws.
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