The Federal Government has directed all government agencies to submit their audited financial statements for publication in the first quarter of 2027, as part of efforts to strengthen public financial accountability and promote confidence in the management of public resources.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the 56th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria in Abuja.
Oyedele stressed the need for government financial reports and policy pronouncements to become regular features of public administration, comparable to the routine with which private-sector financial statements are presented.
He also highlighted the importance of establishing clear processes for policy formulation and implementation, alongside effective engagement with stakeholders.
“So what we are doing now is we are making a lot of policies. There will be block trains with lots of leads and processes. There can be effective consultations with the people,” he said.
The directive comes amid growing calls for greater transparency in public financial management and improved disclosure of how government institutions utilise public funds.
At the conference, the President and Chairman of the Council of ICAN, Queensley Seghosime, said Nigeria was at a critical stage in its economic and institutional development, with reforms ongoing and difficult policy decisions being taken.
She noted that the economy recorded growth of approximately 4.2 per cent in the first half of 2026, acknowledging the progress made while cautioning that economic performance should ultimately translate into tangible improvements in citizens’ lives.
According to her, national development must extend beyond favourable economic indicators to include productive employment, thriving businesses, stronger institutions and improved living standards for Nigerians.
Seghosime also urged stakeholders to consider the country’s long-term interests as preparations begin for the 2027 general elections, arguing that sustainable progress depends on institutions and policies that remain effective beyond electoral cycles.
“As Nigeria looks towards the 2027 general elections, we are reminded that the enduring strength of a nation rests on institutions that command public trust, policies that outlive political cycles, and a shared commitment to the national interest. Our responsibility is not merely to prepare Nigeria for the next election, but to help build a Nigeria that will prosper well beyond it. National security today extends beyond the protection of lives and property, to the security of our food systems, energy supplies, digital infrastructure, livelihoods and institutions,” she said.
She explained that security, economic productivity and institutional credibility were interconnected, noting that a stable environment creates the conditions for businesses to grow and generate employment.
According to the ICAN president, the credibility of public institutions and the effective management of resources depend significantly on the trust citizens and investors place in government and the systems responsible for financial oversight.
“Trust that public resources will be responsibly managed. Trust that investments will be protected. Trust that institutions will act with integrity. And trust that the sacrifices of today will deliver a better tomorrow. Trust is the true currency of every economy. It cannot be printed, borrowed or decreed. It is earned, report by report, audit by audit, decision by decision. And once lost, it is recovered only at great cost. This is where our profession bears a profound responsibility. Public confidence in financial statements, in public accounts and in the tax system rests, to a large degree, on the integrity of the Chartered Accountants,” she emphasised.
Seghosime maintained that the accountancy profession must go beyond numerical analysis and financial reporting to identify irregularities, challenge questionable practices and contribute to improvements in governance.
She said professional competence should be matched by the courage to ask difficult questions and the judgment required to recommend corrective measures where necessary.
“Our greatest professional value will not be measured only by what we can calculate, but by what we have the courage to question and the wisdom to improve. Permit me to pay tribute to the men and women who give life to these values every day: our members. In the public service, you steward the nation’s finances and bring discipline to budgets and public accounts at every tier of government. In our legislative houses, you bring rigour to appropriation and oversight. In industry and private enterprise, you lead finance functions, build businesses and create jobs. In practice, you uphold the integrity of financial reporting. In academia, you shape the minds that will lead this profession tomorrow,” the president stated.
She further acknowledged the contributions of chartered accountants across the public and private sectors, including their roles in managing government finances, strengthening legislative oversight, supporting businesses, ensuring reliable financial disclosures and training future professionals.
The conference highlighted the importance of credible financial reporting and institutional integrity in building public confidence, with the Federal Government’s directive on audited accounts placing renewed emphasis on timely disclosure and accountability across government agencies.
ENDS
