2022 financial statement delayed due to CBN reconciliation issues – FG
The Federal Government has announced that the 2022 Consolidated Financial Statement (CFS) is yet to be finalised due to challenges in reconciling the Consolidated Revenue Fund’s bank statement with the Central Bank of Nigeria (CBN).
Dr. Oluwatoyin Madein, the Accountant General of the Federation, disclosed this during a House of Representatives Committee on Public Accounts oversight visit to the Treasury House in Abuja on January 8, 2024. The revelation was confirmed in a press release issued by Bawa Mokwa, Director of Press at the Office of the Accountant General.
Madein highlighted that the government had successfully prepared and audited financial statements up to December 31, 2019. Progress has been made on the 2020 and 2021 CFS, which have been completed and audited in partnership with the Auditor-General of the Federation. However, the 2022 statement remains pending due to the ongoing reconciliation with the CBN.
“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,” Madein explained.
The Accountant General also elaborated on measures to address Nigeria’s revenue challenges. She noted aggressive revenue collection strategies that enhanced funding for personnel costs, overheads, and capital projects in 2024.
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Additionally, efforts are underway to improve financial management systems. Madein mentioned proposed enhancements to the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), with support from the National Assembly, to strengthen fiscal accountability and efficiency.
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