Revenue Fund Mystery: AGF Unveils Cause Of 2022 Financial Statement Delay

Revenue Fund Mystery: AGF Unveils Cause Of 2022 Financial Statement Delay

The release of the Federal Government’s Consolidated Financial Statement for 2022 has been delayed due to difficulties reconciling the Consolidated Revenue Fund bank statement with the…Revenue Fund Mystery: AGF Unveils Cause Of 2022 Financial Statement Delay

Central Bank of Nigeria (CBN).

Dr. Oluwatoyin Madein, the Accountant-General of the Federation (AGF), revealed this during an oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja. The visit took place on January 8, 2024.

In a statement issued on Friday by Bawa Mokwa, Director of Press at the AGF’s office, Dr. Madein confirmed that while financial statements up to December 2019 have been prepared and audited, reconciliation challenges are holding up the 2022 report.

“We have collaborated with the Auditor-General of the Federation to prepare and audit the 2020 and 2021 Consolidated Financial Statements. The 2022 statement is in progress but delayed due to issues with reconciling the bank statement of the Consolidated Revenue Fund with the CBN,” Dr. Madein explained.

Despite these setbacks, the AGF highlighted significant strides in improving revenue generation in 2024 through aggressive drives. These efforts have enhanced funding for personnel costs, overheads, and capital projects. She also disclosed plans to enhance financial management systems, including the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), with the support of the National Assembly.

During the session, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, urged Dr. Madein to prioritize the submission of the 2022 report in accordance with constitutional requirements.

He also raised concerns over low revenue remittances from government-owned enterprises, advocating for stricter measures to combat revenue leakages through automation and regular audits.

Dr. Madein reassured the Committee of her office’s commitment to fiscal transparency and addressing revenue shortfalls.

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