GOV. SANWO-OLU IN LONDON SEEKS FOREIGN INVESTMENTS, PARTNERSHIPS.(PHOTOS). #PRESS RELEASE.

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SANWO-OLU IN LONDON SEEKS FOREIGN INVESTMENTS, PARTNERSHIPS   •Governor charges Commonwealth states to bring capital, technology, expertise to Lagos The Governor of Lagos State, Mr. Babajide Sanwo-Olu, on Monday charged the Commonwealth’s 56 member states to invest in Africa, particularly Lagos, by bringing their capital, technology and other expertise, promising that they will find not just market and opportunity but partner and relationship.   He said the Commonwealth's greatest advantage is not simply its shared language, shared laws or shared history but its people, noting that nowhere is that advantage more vivid, dynamic or consequential than in Africa.   Speaking as a Keynote Speaker at the opening ceremony of the Commonwealth Trade and Investment Summit held at Mansion House, London, on Monday, Governor Sanwo-Olu said Lagos is ready for partnerships and relationships with global investors.   The theme of the opening session is “The Commonwealth's Advantage". ...
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HOUSE OF REPS DECRIES WEAK AUDITING SYSTEMS, BLAMES CORRUPTION ON FINANCIAL MISMANAGEMENT. (PHOTO).

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House of Reps decries weak auditing systems, blames corruption on financial mismanagement


The House of Representatives has attributed Nigeria's pervasive corruption to weaknesses in the country's auditing and accounting systems, which have led to significant revenue losses and hindered national development. This concern was raised during the budget defense session with the Office of the Auditor General for the Federation (OAuGF), chaired by Hon. Bamidele Salam, head of the Public Accounts Committee (PAC).


Highlighting the systemic gaps, Rep. Salam stated, “There are a lot of monies that ought to accrue to the government that we are losing due to weaknesses in our accounting systems, auditing processes, and overall financial management architecture. This also reflects in the budget performance of the Auditor General's office.” He emphasized the need for improved auditing coverage of major government Ministries, Departments, and Agencies (MDAs), noting that some key agencies have gone years without thorough audits. “If you don’t audit properly, it signals a lack of oversight, which can encourage impunity within these agencies,” he added.


Hon. Salam acknowledged the challenges faced by the Auditor General’s office, including budgetary and personnel constraints, which impede its ability to audit nearly 1,000 MDAs and conduct periodic reviews. Despite these limitations, the PAC is committed to collaborating with other parliamentary committees to ensure more impactful and results-driven auditing practices. The chairman also stressed that adequately funding and staffing the Auditor General's office could significantly reduce corruption. “We believe that a well-funded and well-staffed Auditor General’s office will help prevent corruption rather than fighting it after it happens. Prevention is the direction we are looking into,” he noted.


On budget performance, Hon. Salam criticized the poor implementation of the capital component of the 2024 budget, which he said undermines governance and development efforts. He urged the government to prioritize blocking revenue loopholes to reduce reliance on borrowing. Additionally, the PAC Chairman challenged the Auditor General to expedite the submission of annual reports, which are vital for the National Assembly to hold the executive branch accountable. He lamented that Nigeria lags behind countries like Kenya in the timely submission of audited financial reports.


In response, the Auditor General for the Federation, Shaakaa Kanyitor Chira, acknowledged the office’s challenges, including chronic underfunding and understaffing. These issues, he explained, have led to delays in compiling and submitting reports. Chira, however, assured the PAC of progress, committing to clear backlogs and submit the 2022 non-compliance and consolidated financial reports by March 2025. “My commitment is to submit the 2022 report by the first week of March and the consolidated financial report by the end of March,” he stated. As the PAC and OAuGF work towards addressing these challenges, stakeholders are hopeful that improved auditing systems and accountability measures will strengthen governance and reduce corruption in Nigeria.

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