The Chairman of the House of Representatives Committee on Public Accounts, Bamidele Salam, has expressed concern over Nigeria’s public financial accountability system, revealing that the Federation Account has not undergone an audit since 2021.
Speaking in an interview with TheCable, Salam warned that the absence of updated audit reports is weakening transparency and eroding investor confidence in the country’s financial management framework.
He explained that the most recent available audit report is still that of 2021, attributing the delay to ongoing institutional and administrative challenges.
According to him, repeated delays in submitting financial records by the Office of the Accountant-General of the Federation have contributed significantly to the backlog, leaving the Auditor-General unable to carry out required audits.
Salam further noted that the Office of the Auditor-General faces structural limitations, including lack of autonomy in staff recruitment, as it depends on the Federal Civil Service Commission, a situation he said reduces efficiency. He also pointed to insufficient funding, inadequate training, and the large volume of agencies requiring audit oversight as additional constraints.
He disclosed that although the National Assembly has passed an audit reform bill aimed at strengthening the country’s supreme audit institution, the legislation is still awaiting final harmonisation and presidential approval. He expressed hope that once enacted, the law would improve independence and accountability in the system.
Meanwhile, Salam said legislative investigations arising from the 2021 audit report have led to the recovery of about N201.046 billion across different sectors. This includes roughly N200 billion recovered from the oil and gas industry, alongside smaller recoveries from other agencies such as the Nigerian Investment Promotion Commission and a Remita-related inquiry.
He also raised serious concerns about alleged irregularities involving the Remita payment platform operated by SystemSpecs Nigeria Limited, claiming that substantial government funds were not remitted over several years. He alleged that despite directives for repayment, the company has yet to comply fully.
Salam added that the matter is currently being reviewed by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) and other relevant investigative bodies.