The Fiscal Responsibility Commission has expressed concern over the failure of the Nigeria Customs Service to submit its audited financial statements since 2019, describing the development as a violation of the Fiscal Responsibility Act, 2007.
The Acting Executive Chairman of the commission, Charles Chukwuemeka Abana, stated this when he received a delegation from the Nigeria Customs Service in Abuja.
Abana said government-owned enterprises and related agencies are required under Section 23 of the Fiscal Responsibility Act, 2007, to prepare, publish and submit their audited financial reports not later than three months after the end of every financial year.
In a statement issued by Bede Ogueri Anyanwu, Deputy Director, Strategic Communication Directorate of the FRC, Abana urged the NCS to submit its outstanding audited accounts and ensure timely remittance of its operating surplus into the Consolidated Revenue Fund as required by law.
He said full compliance with the FRA was necessary to promote transparency, prudence and accountability in the management of public finances.
Abana also called on the Customs Service to intensify its revenue generation efforts while ensuring that its financial operations comply with statutory requirements.
According to him, the continued failure of some government agencies to comply with the Fiscal Responsibility Act has negatively affected the Federal Government’s fiscal management and operations.
He explained that the commission’s template for calculating operating surplus is clear and easy to implement, adding that agencies that comply with it make meaningful contributions to Nigeria’s economic development and fiscal sustainability.
The FRC boss cited the Nigeria Immigration Service as an example of improved compliance, recalling that after the commission’s capacity-building programme on the implementation of the FRA, the NIS recorded significant progress in financial reporting and adherence to the law.
He encouraged the Nigeria Customs Service to emulate that example, assuring the delegation that the commission has experienced professionals who are ready to provide technical support and guidance to help the service achieve full compliance with the Fiscal Responsibility Act.
Abana reaffirmed the commission’s commitment to maintaining a cordial working relationship with the NCS in order to strengthen fiscal discipline, accountability and prudent financial management in the public sector.
Responding on behalf of the Customs delegation, the Comptroller of Accounts, Amedu O., acknowledged that communication gaps contributed to the delay in complying with the FRC’s reporting requirements.
He assured the commission that the NCS would take immediate steps to submit the outstanding audited accounts, comply with the provisions of the FRA and work closely with the FRC to reconcile its submissions with the approved operating surplus computation template.
The meeting ended with both institutions reaffirming their commitment to stronger collaboration in promoting transparency, accountability and responsible financial management in Nigeria’s public sector.
The post “FRC Says Customs Has Not Submitted Audited Accounts Since 2019” — Warns Non-Compliance Violates Fiscal Responsibility Act appeared first on TheNigeriaLawyer.