The Office of the Accountant General of the Federation (AGF) has launched an aggressive revenue drive aimed at addressing the revenue shortfalls affecting the nation’s economy. This initiative has significantly enhanced the funding of personnel costs, overheads, and capital expenditures in 2024.
The Accountant General of the Federation, Dr. Mrs. Oluwatoyin Madein, disclosed this during an oversight visit by the Federal House of Representatives Committee on Public Accounts to the Treasury House in Abuja on January 8, 2024.
Dr. Madein, who assumed office in May 2023, highlighted key achievements under her leadership. Among these is the preparation and audit of the Federal Government of Nigeria (FGN) Consolidated Financial Statements (CFS) up to December 31, 2019. “In collaboration with the Auditor-General of the Federation, we have prepared and audited the 2020 and 2021 CFS, while work on the 2022 statement is ongoing,” she noted.
However, Dr. Madein identified challenges hindering the timely completion of the 2022 CFS. “The delay is due to issues in reconciling the Consolidated Revenue Fund’s bank statements with the Central Bank of Nigeria,” she explained.
The AGF also revealed ongoing proposals to enhance the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS). These improvements aim to make the systems more robust, with support and cooperation from the National Assembly.
In response, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, urged the AGF to expedite the submission of the 2022 CFS, as mandated by the 1999 Constitution.
Hon. Salam also addressed concerns about low revenue remittances by government-owned enterprises, emphasizing the need for stricter measures. “To block revenue leakages, we must automate processes and conduct regular audits,” he stated.
The AGF’s aggressive revenue drive, coupled with planned system enhancements and legislative oversight, signals a concerted effort to strengthen Nigeria’s public financial management and address critical funding challenges.
