With the implementation of 2024 national budget extended by the National Assembly till June 2025, the Public Accounts Committee (PAC) of the House of Representatives has expressed concerns over the poor implementation of the capital component of the budget, which currently stands at just 25 percent.
At an interactive session with the Accountant General of the Federation, Dr. Shakirat Madein, PAC Chairman, Bamidele Salam lamented the impact of the low implementation rate on Nigeria’s economic growth.
Salam also criticised delays in submitting consolidated financial statements, noting that Nigeria lags behind countries like Kenya, Ghana, and Rwanda in submissions of audit report owing to non-compliance with constitutional requirements.
The committee advocated strict measures to block revenue leakages, including automating revenue processes and ensuring transparency in collections from foreign missions.
Dr. Madein attributed delays in financial reporting to incomplete data from the Central Bank of Nigeria but assured lawmakers that efforts were underway to address the issue within two months.
She revealed that the revised Financial Regulations, 2009, are awaiting approval by the Federal Executive Council to improve accountability in public expenditure management.
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