115 parastatals submit audited financial statements… As FRC threatens sanction

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 A total of 115 public sector entities and agencies have filed their Annual Financial Statements with the Financial Reporting Council of Nigeria, as the council threatens sanction against defaulters with severe penalties.

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This much was revealed by the Executive Secretary of the FRC, Shuaibu Ahmed, Tuesday, in Abuja, at the opening session of a national learning and development programme on accounting and financial reporting in the public sector.

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Ahmed warned government entities that have not filed their audited financial statements to do so as the Council had begun imposing fines and penalties on them in line with the provisions of the FRC Act and its extant rules .

Lamenting that the review of these audited financial statements filed with the FRC are fraught with challenges and issues which the learning programme is designed to address, Ahmed said: “Our various engagements with the National Assembly further expose the lingering issues of late submission of financial reports by MDAs, lack of proper treatments of accounting issues and poor disclosures.

“Public Sector Entities play a pivotal role in the national economy as a major driver of productive activities and the largest single business entity.

“As a bedrock of the economy, the importance of financial reporting quality in the national economy cannot be overemphasized.

“Credible financial reports are no doubt germane as they, not only support efficient decision making by those charged with governance, but also boost the perception index of the country and by extension, enhancing Foreign Direct Investments (FDIs) and Foreign Portfolio Investments (FPIs) as veritable tools and catalysts for the nation’s economic growth.”

The Executive Secretary noted that public sector entities are in a better position to provide financial credible information that is not only timely, “but accurate and useful to evaluating government performance as a bastion of public accountability and stewardship.”

He, therefore, called on the National Assembly to make it a rule that the budget proposals of public sector entities in default of filing their AFS of the previous year should not be considered and approved for the subsequent year./SHARE THIS

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