FRC Frets Over Failure of Customs to Submit Audited Financial Statements Since 2019

Ndubuisi Francis in Abuja 

The Fiscal Responsibility Commission (FRC) has expressed concern over the failure of the Nigeria Customs Service (NCS) to submit its audited financial statements since 2019, saying the trend  violates the provisions of the Fiscal Responsibility Act (FRA), 2007.

The Acting Executive Chairman of the commission,  Charles Chukwuemeka Abana, stated this while receiving a delegation from the NCS in his office in Abuja.

Section 23 of the Fiscal Responsibility Act, 2007 (Part IV, Budgetary Planning of Corporations) compels government-owned enterprises (GOEs) and related agencies to prepare, publish, and submit their audited financial reports not later than three months after the end of the financial year.

Abana underscored the need for the NCS to fully comply with the provisions of the FRA by submitting its outstanding audited accounts and ensuring the timely remittance of its operating surplus into the Consolidated Revenue Fund (CRF) as required by law.

In a statement issued by Bede Ogueri Anyanwu, FRC’s Deputy Director, Strategic Communication Directorate, Abana urged the NCS to intensify its revenue generation efforts while upholding the principles of transparency, prudence and accountability in the management of public finances. 

According to him, the continued non-compliance of some government agencies with the FRA has negatively impacted the Federal Government’s fiscal management and operations.

He noted that FRC’s template for calculating operating surplus is explicit and easy to implement, adding that agencies that adhere to it make meaningful contributions to Nigeria’s economic development and fiscal sustainability.

Drawing a comparison with the Nigeria Immigration Service (NIS), Abana recalled that following FRC’s capacity-building programme on the implementation of the FRA, the NIS recorded significant improvements in compliance and financial reporting, and encouraged the NIS to emulate this example.

He assured the delegation that the commission has a team of experienced professionals ready to provide the necessary technical support and guidance to enable the Nigeria Customs Service achieve full compliance with the Fiscal Responsibility Act, 2007. 

Abana reaffirmed the commission’s commitment to maintaining a cordial working relationship with the NCS in advancing fiscal discipline and accountability.

Responding on behalf of the delegation, the NCS’ Comptroller of Accounts, Amedu O. acknowledged that communication gaps contributed to the delay in complying with the FRC’s reporting requirements. 

He assured the FRC chief executive 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 commission to reconcile its submissions with the approved operating surplus computation template.

The meeting ended with both institutions reaffirming their commitment to strengthening collaboration in promoting transparency, accountability, and prudent financial management in Nigeria’s public sector.