The Chairman of the House of Representatives Committee on Public Accounts, Bamidele Salam, has disclosed that Nigeria’s federation account has not been audited since 2021, raising concerns about transparency and investor confidence.
Salam said the lack of recent audited financial statements makes it difficult for investors and stakeholders to obtain credible insights into the country’s fiscal position.
“I want to tell you that the last time the account of the Federation of Nigeria was audited was 2021. That’s the report that you have. For the auditing of the federation account itself, the accountant-general for the federation will come up with excuses for what is causing the delays,” TheCable reports.
The lawmaker attributed the prolonged delay to a mix of structural and institutional challenges, including capacity limitations within the Office of the Auditor-General and the absence of a legal framework guaranteeing its full independence.
He explained that the auditor-general lacks the authority to recruit staff independently and must rely on the Federal Civil Service Commission, a situation he said hampers efficiency.
Salam also highlighted delays from the Office of the Accountant-General, noting that failure to submit financial records on time stalls the audit process.
“So, when the accountant-general does not produce the accounts for the auditor-general to audit, there is nothing for him to work with. So it’s a whole lot of issues that have led to those delays,” he said.
He added that inadequate funding, limited training, and the large number of government agencies and transactions requiring review have further complicated the process.
The legislator, however, noted that the National Assembly has passed an audit reform bill, which is currently awaiting harmonisation and presidential assent. He expressed optimism that the law would strengthen the independence and effectiveness of the country’s audit system.
Salam revealed that his committee has recovered about N201 billion through investigations triggered by findings in the 2021 audit report.
According to him, the report exposed widespread non-compliance among oil and gas firms, particularly in the payment of royalties, concessional rents, and gas-flaring penalties.
He said N200 billion was recovered from the oil and gas sector, N846.5 million from the Nigeria Investment Promotion Commission, and N200 million from a probe involving Remita.
Salam further alleged that Remita, operated by SystemSpecs Nigeria Limited, has yet to comply with a directive to remit substantial funds owed to the federal government.
“About five banks paid back the money, but as we speak, Remita, which is the body — SystemSpecs Nigeria Limited — has not complied with the legislative directive to pay back the sum of almost N800 billion, which is due to the federal government of Nigeria,” he said.
“It’s almost a trillion, actually, which they collected from the evidence we have; they did not remit to the government from 2015 to date.”
He added that the issue is currently being investigated by the Revenue Mobilisation, Allocation and Fiscal Commission and other relevant authorities.
