The House of Representatives’ Public Accounts Committee is sounding the alarm on the disappointing 25% implementation rate of the capital component of the 2024 budget. Led by Committee Chairman Rep. Bamidele Salam, the representatives expressed their concerns during a recent meeting with the Accountant General of the Federation, Mrs. Shakirat Madein, on Wednesday.
Struggling with Implementation
Rep. Salam articulated the committee’s disappointment in the lackluster implementation of the budget. Citing comparisons with countries like Kenya, Ghana, and Rwanda, he highlighted Nigeria’s lagging position in the timely submission and consideration of audit reports. The major culprit appeared to be the non-submission of required financial statements by the Accountant General’s office.
Revenue Remittance Woes
Adding to the woes, Rep. Salam also criticized the low revenue remittances from numerous Government Owned Enterprises, further exacerbating the economic challenges. In response, the committee stressed the urgency of implementing stricter measures to curb revenue leakages. They emphasized the importance of automating processes and conducting regular audits to plug these financial drains.
Call for Transparency and Accountability
The Committee issued a directive to the Accountant General to promptly submit the 2022 consolidated financial statement of the Federal Government to the Auditor General of the Federation, aligning with constitutional provisions. Additionally, they urged swift resolutions of outstanding issues concerning the non-automation of revenue collections from Foreign missions. This move aims to enhance transparency and accountability in the revenue collection process.
Path Forward
Looking ahead, the Committee Chairman outlined plans to expedite the consideration of the 2021 Auditor General’s report right after finalizing the 2025 Appropriation Bill. The Accountant General attributed the delay in financial statement submission to insufficient data on government revenue from the Central Bank of Nigeria. However, she assured the committee of ongoing efforts to secure the necessary information promptly.
In a bid to boost economic growth and enhance financial accountability, the House of Representatives is pushing for more robust implementation of the budget. With a focus on transparency, automation, and strict auditing practices, the Committee aims to steer Nigeria towards a path of sustainable economic progress. Let’s hope these measures lead to tangible improvements and a brighter financial outlook for the country.
