Federal Audit Service Bill stalls despite ₦323.5bn in questioned expenditures
The Federal Audit Service Bill—designed to replace Nigeria's 1956 Audit Ordinance—remains unsigned by President Tinubu despite ₦323.5 billion in unsupported expenditures flagged in recent reports. The bill would create a modern Federal Audit Service with operational independence for the Auditor-General and expand audits beyond financial reviews to include performance, forensic, and value-for-money assessments.
In 2016 alone, 323 Ministries, Departments, and Agencies failed to submit audited accounts, reflecting a systemic compliance crisis. Recent Auditor-General reports identify ₦110 billion spent without lawful appropriation. Without the bill's enforcement mechanisms, audit findings remain ignored while agencies continue receiving fresh allocations annually.
Public audit serves as democracy's safeguard, ensuring taxpayers receive value for money. The bill establishes clear penalties for non-compliance, mandates 90-day financial reporting timelines, and grants auditors power to surcharge unlawful expenditures. It aligns Nigeria with international standards like the Lima Declaration on Supreme Audit Institutions.
President Tinubu—presenting himself as a fiscal reformer—faces a choice: sign the bill and strengthen public finance accountability, or allow continued impunity as the 2027 elections approach. The bill represents one of the Fourth Republic's most important unfinished reforms.
Opinion piece by Dayo Olaide in Premium Times examines why this critical accountability reform deserves urgent attention ahead of upcoming elections.