Emmanuel OchayiEx-ICAN president Ismaila Muhammadu Zakari has urged the National Assembly to consider a constitutional amendment requiring the president to present the annual audited accounts before the National Assembly, mirroring the process of seeking legislative approval for the budget for transparency and fiscal accountability.
Speaking at the Audit Reporting Workshop organized by the non-profit NGO FrontFoot Media Initiative on October 26, 2023, Zakari highlighted the importance of the annual audited accounts as an essential component of budget management.
Join our WhatsApp ChannelHe emphasized that the constitutional mandate stipulates the preparation of these accounts by the Accountant General of the Federation within 90 days of the end of the accounting year. Subsequently, the Auditor-General verifies and forwards the accounts to the National Assembly.
Zakari’s proposal aims to enhance accountability in government financial operations, a particularly critical concern as the Federal Government has not produced audited accounts since 2019. During this period, Nigeria also lacked an Auditor-General.
However, President Bola Tinubu’s nomination of Mr. Shaakaa Chira for the role of Auditor-General, pending confirmation by the National Assembly, signifies a potential shift towards resolving this issue.
The nomination process for the Auditor-General is conducted by the Senate Committee on Public Accounts, which scrutinizes the nominee’s qualifications, experience, background, and any potential conflicts of interest. It is a key step in ensuring a capable and impartial national auditor.
Zakari’s call resonated with financial expert Mr. Tilewa Adebajo, CEO of The CFG Advisory, who emphasized the significance of the audit report. He pointed out that while the budget is a projection, the audited account represents the fiscal reality. He said “The budget is only a projection. The audited account is the reality.”
The 2019 Federal Government Audit Report revealed several irregularities and shortcomings, including unapproved payments exceeding N200 billion, missing funds of over N100 billion, and weak internal controls that hinder fraud prevention and detection.
The report also highlighted the need to improve revenue collection, reduce expenditure on non-essential items, and develop a comprehensive debt management strategy to ensure fiscal sustainability.
The Audit Reporting Workshop, held at the GulfView Conference Center and Suites in Ikeja GRA, marked the fourth in a series of such events. Earlier workshops took place in Benin, Awka, and Abuja.
Emeka Izeze, director and partner, described the Audit Reporting Training: X-Raying State Government Audit Reports as a flagship capacity development program of FrontFoot Media Initiative, supported by the Wole Soyinka Center for Investigative Journalism and the MacArthur Foundation.
“It is a targeted training of journalists which we are undertaking under the auspices of the Wole Soyinka Center for Investigative Journalism and the sponsorship of the MacArthur Foundation,” Izeze affirmed.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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