Oct. 27, 2023

…Seeks amendment of current audit law to allow for presentation of annual accounts before NASS as the budget

The former President of the Institute of Chartered Accountants of Nigeria, ICAN, Muhammadu Zakari is seeking amendment of the country’s current audit law of 1956 to allow for presentation of annual accounts before the National Assembly as the budget.

He believes, the President if compelled to lay the country’s audited annual accounts before the National Assembly in the same way he seeks legislative approval of the budget would instill greater accountability.

Political Economistng reports that the Federal Government has not audited its accounts in the last 4 years (Since 2019).

Zakari made the call Thursday,  at the Audit Reporting training for journalists in Lagos organised by the non-profit NGO FrontFoot Media Initiative.

Zakari noted that the constitutional stipulation that the Accountant General must prepare the annual accounts within 90 days of the end of the accounting year. He must then send it to the Auditor General who spends a further three months to prepare and send it to the National Assembly.

President Bola Tinubu has nominated Mr. Shaakaa Chira to serve as Auditor-General of the Federation and has forwarded same to the National Assembly for confirmation.

Emeka Izeze, director and partner, said the Audit Reporting Training: X-Raying State Government Audit Reports is a flagship capacity development programme of FrontFoot Media Initiative, this, being the fourth in the series earlier trainings were held in Benin, Awka and Abuja.

“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.