PAC Gives Finance Authorities October 2026 Deadline on Unaudited Accounts

By Oluwakemi Kindness

The Accountant-General of the Federation and the Auditor-General of the Federation, have been ordered to submit all outstanding consolidated financial statements and audited accounts of the Federal Government for the 2023, 2024 and 2025 fiscal years by October 2026.

The House of Representative’s Public Accounts Committee (PAC) which issued the firm directive warned that failure to comply with the deadline would attract legislative sanctions.

The directive followed an investigative hearing at the House where lawmakers examined persistent delays in federal financial reporting and expressed concern over weaknesses in Nigeria’s public financial management framework.

During the hearing, the Committee queried the ₦9.8 billion paid in 2024 to vendors of the Government Integrated Financial Management Information System (GIFMIS), noting that the platform has yet to achieve its core mandate of facilitating accurate and timely reconciliation of government accounts.

Chairman of the Committee, Bamidele Salam, expressed concern over the Accountant-General’s failure to meet statutory reporting obligations.

He cited the Fiscal Responsibility Act, which requires the Federal Government to publish audited and consolidated financial statements within six months of the end of each financial year.

Salam warned that the continued absence of up-to-date audited accounts undermines fiscal discipline, weakens institutional credibility and erodes investor confidence.

He added that Nigeria’s poor compliance with global public financial reporting standards limits its ability to attract foreign investment and secure support from international development partners.

Responding to the Committee, the Accountant-General of the Federation, represented by Shaibu Sikiru, Acting Director of Consolidated Accounts, attributed the delays to operational challenges, including the failure of the Central Bank of Nigeria (CBN) to provide complete bank statements for Ministries, Departments and Agencies (MDAs), as well as technical limitations within the GIFMIS platform.

He disclosed that the last comprehensive reconciliation of federal government accounts was conducted in 2022, despite the renewal of contracts with GIFMIS service providers aimed at improving system efficiency and financial consolidation.

Committee members, however, questioned the justification for the ₦9.8 billion payment, arguing that the GIFMIS platform has not delivered measurable improvements in reconciliation, transparency or financial reporting.

On the Treasury Single Account (TSA), the Accountant-General’s representative said the engagement of Remita as a payment gateway was implemented without adequate coordination with his office, resulting in operational bottlenecks and fragmented financial data management across MDAs.

In his presentation, the Auditor-General for the Federation, Shaakaa Chira, noted that the 1999 Constitution (as amended) does not specify a deadline for the submission of financial statements by the Accountant-General, a gap he said has contributed to delays in auditing the Federation’s accounts.

He informed lawmakers that audit reports highlighting internal control weaknesses and compliance issues for the 2022–2025 fiscal years are being finalised for submission to the National Assembly, in line with constitutional requirements.

Ruling after the hearing, the PAC directed both offices to ensure full submission of all outstanding financial statements and audit reports before October 2026, reiterating that continued non-compliance would trigger legislative sanctions.

The Committee reaffirmed its commitment to transparency, accountability and prudent management of public funds, citing Section 85(6) of the 1999 Constitution, which mandates the Auditor-General to submit annual audit reports on the accounts of the Federation to the National Assembly for scrutiny through the Public Accounts Committee.