House of Representatives decries low implementation of 2024 budget.

House of Representatives decries low implementation of 2024 budget.

…Calls for Accountability in Public Finances

By Fly Cable News

The Public Accounts Committee of the House of Representatives has raised serious concerns over the low implementation of the capital component of the 2024 budget. During an interactive session on Wednesday with the Accountant General of the Federation, Dr. Mrs. Shakirat Madein, the Committee revealed that only 25 percent of the capital budget has been implemented so far a figure they described as inadequate to drive economic growth.

Chairing the session, Hon. Bamidele Salam highlighted the economic implications of this sluggish implementation. The Committee also called for immediate submission of the 2022 Consolidated Financial Statement to the Auditor General of the Federation, as mandated by the 1999 Constitution. Hon. Salam expressed disappointment, citing studies from Kenya, Ghana, and Rwanda that show Nigeria lagging behind in the timely submission and auditing of financial reports. He attributed much of this delay to inefficiencies within the Office of the Accountant General.

“It is regrettable that our financial management system continues to suffer due to delayed submissions. This delay undermines accountability and economic planning. We must enforce stricter measures to ensure compliance.” Hon. Salam said. Dr. Madein, in her defense, attributed the delay to insufficient data from the Central Bank of Nigeria but assured the Committee that efforts are underway to resolve the issue within two months. She also mentioned ongoing initiatives to update financial regulations, pending approval from the Federal Executive Council.

The Committee did not stop there. It called for the automation of revenue collection systems and regular audits, particularly targeting government-owned enterprises and foreign missions. “We must block revenue leakages and ensure that every naira is accounted for. Automation and regular audits are non-negotiable steps toward transparency.” He said. Meanwhile, the 2021 Auditor General’s report, recently submitted to the National Assembly, is set to receive expedited consideration following the passage of the 2024 Appropriation Bill.

As efforts to address these concerns continue, lawmakers remain firm in their call for stricter accountability and improved fiscal performance.