2022 financial statement delayed over CBN reconciliation issues — FG

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4 months ago

The Federal Government’s 2022 Consolidated Financial Statement has been delayed due to difficulties reconciling the Consolidated Revenue Fund bank statement with the Central Bank of Nigeria (CBN).

Dr. Oluwatoyin Madein, the Accountant General of the Federation, revealed this during an oversight visit by the House of Representatives Committee on Public Accounts to the Treasury House in Abuja on January 8, 2024.

According to a press release by Bawa Mokwa, Director of Press at the Office of the Accountant General, Madein stated that since assuming office in May 2023, the government had successfully prepared and audited its financial statements up to December 31, 2019.

She added that the 2020 and 2021 Consolidated Financial Statements (CFS) had been completed and audited in collaboration with the Auditor-General of the Federation, while efforts were ongoing for the 2022 accounts.

She explained, “It would have been completed but for problems we have regarding the reconciliation of the Bank Statement for the Consolidated Revenue Fund with the Central Bank of Nigeria.”

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Madein also highlighted measures to address Nigeria’s revenue challenges, emphasizing aggressive revenue drives that improved funding for personnel costs, overheads, and capital projects in 2024.

She mentioned proposed enhancements to the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) to bolster financial management, with the support of the National Assembly.