Six Nigerian states have yet to publish their audited financial statements for the 2024 fiscal year, with five of them already past their statutory deadlines, raising serious concerns over fiscal transparency and accountability.
The states are Akwa Ibom, Kaduna, Ogun, Oyo, Plateau, and Rivers. While Akwa Ibom remains within its acceptable timeframe—thanks to a 2021 amendment in its audit law that grants up to nine months for the Auditor-General to publish its statement—the other five have exceeded their legal obligations.
Most state audit laws set strict timelines for the preparation, auditing, and publication of financial statements. These typically begin with the Accountant-General submitting financial records within a set period, followed by an Auditor-General’s review, and ending with publication. In Akwa Ibom’s case, the process allows six months for record submission and an additional 90 days for the audit and release of the report.
Transparency at risk
Timely publication of audited financial statements is a cornerstone of public accountability. These reports allow citizens, lawmakers, and oversight bodies to scrutinize government spending, assess budget performance, and hold officials accountable.
Failure to meet publication deadlines undermines public trust, limits legislative oversight, and creates opportunities for financial mismanagement. The delays also mean that the public is left without up-to-date information on how their taxes and public resources are being used.
A broader problem
The non-compliance seen this year is part of a recurring problem. In 2023, 21 states failed to release their audit reports on time, and five states withheld either an audit report or an audited financial statements altogether—double the number recorded the previous year.
This pattern suggests that late publication is becoming the norm in many states rather than the exception. Critics say such practices weaken fiscal discipline and make it harder to detect inefficiencies or corruption in public spending.
What can be done
Analysts have called for stronger enforcement of existing laws, harmonization of audit timelines across states, and the introduction of penalties for defaulters. Recommendations include:
Clear and enforceable deadlines for report submission and publication
Legislative oversight through active Public Accounts Committees
Sanctions for states that fail to comply, such as budgetary restrictions
Greater public awareness to demand compliance
Status of 2024 sudited financial statements
State status
Akwa Ibom Within extended timeline
Kaduna Missed statutory deadline
Ogun Missed statutory deadline
Oyo Missed statutory deadline
Plateau Missed statutory deadline
Rivers Missed statutory deadline
In summary, six states have yet to publish their 2024 audited financial statements, with five already in breach of their legal timelines. Observers warn that without stronger enforcement and public demand for transparency, fiscal accountability at the state level will continue to erode.
