Members of the House of Representatives have raised concerns over the slow implementation of Nigeria’s 2024 capital budget. During a meeting with the Accountant General of the Federation, Dr. Shakirat Madein, it was revealed that only 25% of the funds meant for capital projects had been used so far.
Bamidele Salam, the Chairman of the Public Accounts Committee, described the situation as troubling, saying it could hinder the country’s economic growth. He urged the Accountant General to ensure the 2022 financial statement is submitted to the Auditor General without further delays, as required by law.
Salam also criticized Nigeria’s poor record in submitting and reviewing audit reports, noting that countries like Kenya and Rwanda are more efficient in this regard. He blamed delays from the Accountant General’s office for the setbacks.
The Committee also addressed issues with revenue collection from Government-Owned Enterprises (GOEs). Salam called for better systems to prevent revenue losses, suggesting automation and regular financial audits. Dr. Madein was asked to work with the Ministries of Foreign Affairs and Interior to fix the challenges surrounding non-automated revenue collection from Nigeria’s foreign missions.
This, the lawmakers believe, will improve accountability. In her defense, Dr. Madein said delays in submitting the financial statement were due to incomplete data from the Central Bank of Nigeria (CBN). However, she assured the Committee that the process would be completed in two months.
The capital budget, which funds projects like roads, schools, and hospitals, is a key part of Nigeria’s development plan. For 2024, ₦10 trillion was allocated for such projects, a significant increase from the ₦5.97 trillion spent in 2023. Despite this, the slow pace of implementation has raised concerns about the government’s ability to deliver on its promises.
