Reps Panel Bemoans Poor Implementation Of 2024 Capital Budget

The Public Accounts Committee (PAC) of the House of Representatives has lamented the poor implementation of the capital component of the 2024 budget.

The Committee expressed the worry at a recent interactive session with the Accountant General of the Federation, Dr. Shakirat Madein.

The committee, chaired by Hon. Bamidele Salam (PDP, Osun), was rattled that the Accountant General put the level of implementation of the budget at 25 percent.

While noting that the situation was affecting the attainment of desired economic growth, the committee asked Madein to submit the 2022 consolidated financial statement of the Federal Government to the Auditor General of the Federation in line with the provisions of the 1999 Constitution.

Salam regretted that from recent studies conducted in Kenya, Ghana, and Rwanda, Nigeria is still lagging in the submission and consideration of audit reports, largely due to the non-submission of financial statements by the Accountant General’s office as required by law.

While considering the submissions of the Accountant General on the low revenue remittances by many government-owned enterprises, the PAC Chairman called for strict measures to block revenue leakages through automation of processes and regular audit exercises.

The panel also urged the Accountant General, the Ministry of Foreign Affairs, and the Ministry of Interior to immediately resolve all outstanding issues on the non-automation of revenue collections from foreign missions in order to ensure transparency and accountability in the process.

The committee’s chairman said the 2021 Auditor General’s report, recently submitted to the National Assembly, will receive accelerated consideration immediately after the passage of the 2025 Appropriation Bill currently before the House.

The Accountant General of the Federation blamed the delay in the submission of the consolidated financial statement on a lack of sufficient government revenue data from the Central Bank of Nigeria.

Madein assured the committee that efforts were at an advanced stage to get the CBN to submit the necessary information and undertook to conclude the exercise within two months.

She told the lawmakers that her office had initiated several measures to strengthen existing regulations and promote greater accountability in public expenditure management.

The Accountant General assured that the Financial Regulations, 2009, have been reviewed and are only awaiting the approval of the Federal Executive Council to become operational.

Sharon