The Accountant General of the Federation (AGF) has promised to address Nigeria’s revenue shortfalls by implementing strong revenue initiatives. A statement from OAGF spokesperson Bawa Mokwa on Thursday indicated that Mrs. Oluwatoyin Madein made this commitment while meeting with the House of Representatives Committee on Public Account in Abuja. She noted that the new revenue initiatives have led to better funding for personnel costs, operational expenses, and capital for 2024. However, she recognized the issue of low revenue contributions from some government-owned enterprises. Madein also mentioned that since taking office in May 2023, the FGN Consolidated Financial Statement has been prepared and audited through December 31, 2019, in collaboration with the Office of the Auditor-General of the Federation. “We have completed and reviewed the audits for 2020 and 2021, and we are currently working on 2022,” she stated. The AGF mentioned that the OAGF has suggested several improvements to GIFMIS and IPPIS that will be stronger with the collaboration of the National Assembly. In reply, Bamidele Salam, the Chairman of the House Committee on Public Accounts, urged the AGF to submit the 2022 Consolidated Financial Statement of the Federation as mandated by the 1999 Constitution. Regarding the issue of low revenue remittances from state-owned enterprises, he recommended implementing thorough measures to prevent revenue losses through automation and regular audits.
