By Mercy Aikoye
The Public Accounts Committee of the House of Representatives has expressed concern over the slow implementation of the capital component of the 2024 budget. During an interactive session with the Accountant General of the Federation, Dr. Mrs. Shakirat Madein, the committee learned that only 25% of the budget has been implemented.
This slow implementation has raised concerns about the country’s economic growth. The committee, led by Hon. Bamidele Salam, emphasized the need for faster implementation to achieve desired economic growth. The committee also stressed the importance of submitting the 2022 Consolidated Financial Statement of the Federal Government to the Auditor General of the Federation.
According to Hon. Salam, Nigeria is lagging behind other countries, such as Kenya, Ghana, and Rwanda, in submitting and considering audit reports. This is largely due to the non-submission of financial statements by the Accountant General’s office. The committee urged the Accountant General to submit the necessary documents to ensure transparency and accountability.
The committee also discussed the issue of low revenue remittances by Government-Owned Enterprises. Hon. Salam emphasized the need for stricter measures to block revenue leakages through automation of processes and regular audit exercises. This would help to ensure that revenues are properly accounted for and utilized.
Furthermore, the committee asked the Accountant General, the Ministry of Foreign Affairs, and the Ministry of Interior to resolve outstanding issues regarding the non-automation of revenue collections from foreign missions. This would help to ensure transparency and accountability in revenue collection.
The Accountant General attributed the delay in submitting the consolidated financial statement to a lack of sufficient data from the Central Bank of Nigeria. However, she assured the committee that efforts are underway to obtain the necessary information and complete the exercise within two months.
Dr. Madein also informed the committee about initiatives to strengthen existing regulations and promote greater accountability in public expenditure management. She assured that the Financial Regulations 2009 have been reviewed and are awaiting approval from the Federal Executive Council.
The committee’s efforts aim to ensure transparency, accountability, and effective management of public funds. By addressing these issues, the committee hopes to promote economic growth and development in Nigeria.
