The speaker of the House of Representatives, Tajudeen Abbas, has said that over N300 billion public funds discovered to be unaccounted for in audit reports are yet to be recovered by the Federal Government.

Abbas stated this, while speaking at the opening of the National Conference on Public Accounts and Fiscal Governance, jointly organized by the Public Accounts Committees (PACs) of the Senate and House of Representatives, on Monday, in Abuja.

He said the situation was unacceptable, as there cannot be fiscal responsibility, when audit queries are flagrantly ignore, without consequences. According to him, the country’s public finance architecture is weakened by non-compliance and delayed enforcement of audit recommendations.

The speaker, who was represented by the House leader, Julius Ihonbvere, said “recent audit reports reveal that over N300 billion of public funds remain unaccounted for. More than sixty per cent of federal ministries, departments, and agencies failed to comply with financial regulations. The reports identify challenges that include unauthorized virements, incomplete audit cycles, institutional leakages, and weak enforcement of rules.

“The 2024 Subnational Audit Efficacy Index reveals an even more dire situation at the state level. Only two States (Yobe and Ekiti) scored above 50% on the index. Twenty-one States failed to publish their 2023 audit reports. Additionally, in most states, the Offices of the Auditor-General remain financially and administratively dependent on the Executive. These issues are not merely institutional failures; they also pose direct threats to service delivery, development, and the credibility of democracy.”

Abbas explained that the House is “refining the PAC process to reduce delays in considering Auditor-General reports, while developing a structured follow-up mechanism to track compliance by MDAs.”

“The House is fully committed to supporting the integration of technology into public sector audit and accounting processes. We have championed the digitization of audit and financial reports, promoted the use of real-time expenditure tracking tools, and encouraged MDAs to adopt automated audit software.”

The Chairman, House Public Accounts Committee (PAC), Hon. Bamidele Salam, in his welcome address, said there was need for public officials to ensure that public funds are deployed for the public good.

According to him, “making public funds work for public good is a mantra we must not only proclaim but must be seen to internalise and practice in all we do as public servants.

“We recognize that our nation’s progress is inextricably linked to the effectiveness of our fiscal governance systems. It is our collective responsibility to ensure that public resources are managed in a lawful, transparent, prudent, judicious, accountable, and efficient manner.”

The lawmaker, while acknowledging ongoing fiscal reforms under the President Bola Tinubu’s administration, said there is need for more efforts to strengthen financial reporting, auditing institutions in the country.

Salam said “in the last two years of my stewardship as the Chair of this constitutional committee in the House of Representatives, I have seen the need, more than ever before, to address fundamental issues around the timeliness and quality of our financial reporting systems, the integrity of our budgeting and procurement process, the capacity of our supreme audit institution, and the successful implementation of our shared vision as contained in Chapter 2 of the 1999 Constitution as amended. (Daily Sun)