2024 Budget: House C’ttee decries low implementation of capital components

By Tom Okpe

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

This was as the Accountant General of the Federation, Dr Mrs Shakirat Madein, appeared before the Committee for an interactive engagement on Wednesday.

The Committee Chairman, Rep Bamidele Salam who expressed dissatisfaction, as the Accountant General put the level of implementation of the budget at 25 percent also, observed that this was not helping the attainment of desired economic growth.

The Committee however, charged Madein on the need to submit the 2022 Consolidated financial statement of the Federal Government to the Auditor General of the Federation, in line with provisions of the 1999 constitution.

In his speech, Rep Salam stated that it was 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 non submission of Financial statement by the Accountant Generals office as required by law.

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While considering submissions of the Accountant General on the low revenue remittances by many Government Owned Enterprises, the PAC Chairman said there was need for strict measures, to block revenue leakages through automation of processes and regular audit exercises.

The House Committee also asked the Accountant General, the Ministry of Foreign Affairs and 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 Chairman also, disclosed that the 2021 Auditor Generals report which was recently submitted to the National Assembly will receive accelerated consideration, immediately after the passage of the 2024 Appropriation Bill currently before the House.

Earlier in her speech, 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.

She said: “Efforts are at advanced stage to get the CBN submit necessary information,” giving an undertaking to conclude the exercise within two months.

“There are several initiatives in my office to strengthen existing regulations and initiate new ones to promote greater accountability in public expenditure management.

“The Financial Regulations 2009 has been reviewed and only awaiting for the approval of the Federal Executive Council, to become operational,” she said.