The Public Accounts Committee of the House of Representatives has queried the payment of N9.8 billion to vendors of the Government Integrated Financial Management Information System (GIFMIS) in 2024. The lawmakers expressed worry that the platform has yet to deliver its core mandate of facilitating accurate and timely reconciliation of government accounts.

The committee consequently directed the Office of the Accountant-General and the Auditor-General of the Federation to submit the consolidated financial statements and audited accounts of the federal government for the year 2023, 2024 and 2025 before October 2026.

The resolution followed an investigative hearing involving the Accountant General of the Federation and the Auditor-General for the Federation (AuGF) yesterday in Abuja. Chairman of the Committee, Bamidele Salam, expressed dissatisfaction with the failure of the Accountant-General to comply with statutory financial reporting obligations.

He noted that the Fiscal Responsibility Act mandated the Federal Government to publish audited, consolidated financial statements not later than 6 months of the end of each financial year. Salam described the persistent delay in publishing audited financial statements as unacceptable, warning that such lapses undermine fiscal discipline, weaken institutional credibility and negatively impact investor confidence.

He further noted that Nigeria, despite being Africa’s largest economy, continues to lag behind in public financial reporting standards, thereby limiting its ability to attract foreign investment and secure support from international development partners who rely on current and credible financial information.