House PAC Raises Concerns Over 2024 Budget Capital Implementation

By Oluwakemi Kindness

The House of Representatives Committee on Public Accounts has expressed concern at the low implementation of the capital component of the 2024 budget.

This is according to the Chairman of the committee Bamidele Salam, who decried the 25 percent implementation level of the budget has revealed by the Accountant General of the Federation, Dr. Shakirat Madein.

Representative Salam had led the committee on a interactive engagement at the office of the Accountant General of the Federation.

The committee observed that this level of implementation will not help in the attainment of desired economic growth.

Also the Committee charged on the AGF on the need 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.

Representative Salam said it is regrettable that from recent studies conducted in Kenya, Ghana and Rwanda, Nigeria is still lagging behind in submission and consideration of audit reports largely due to the non submission of Financial statement by the Accountant Generals 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 said there is a need for stricter measures to block revenue leakages through automation of processes and regular audit exercises.

Earlier in her remarks, the Accountant General of the Federation attributed the delay in the submission of the consolidated financial statement to lack of sufficient data of government revenue from the Central Bank of Nigeria.

While assuring that efforts are at advanced stage to get the CBN submit necessary information, the Accountant General gave an undertaking to conclude the exercise within two months.

Dr Madein informed the committee of several initiatives of her office to strengthen existing regulations and initiate new ones to promote greater accountability in public expenditure management.

She assured that the Financial Regulations 2009 has been reviewed and only awaiting the approval of the Federal Executive Council to be operational.

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