House Committee Laments Poor Account Submissions by Ministry and Agencies

The House of Representatives Committee on Steel Development has expressed dissatisfaction with the meagre account submissions from the Ministry and agencies under its jurisdiction.

During the 2023 budget appraisal meeting in Abuja, Hon Zainab Gimba, the Committee Chairman, criticized the lack of forthcoming submissions from the concerned agencies. She underscored the omission of valid bank statements from the Central Bank of Nigeria (CBN) to produce standard bank reconciliation statements, which raised questions about the credibility of the financial reports.

Gimba emphasized the importance of an efficient accounting system and effective internal control to ensure compliance with laws and regulations, essential for the quality oversight function. She reiterated the committee’s unwavering commitment to achieving tangible results, highlighting the essence of parliamentary oversight in representation.

Additionally, she pointed out a knowledge gap in understanding digital accounting processes, stressing the significance of having access to bank statements for seamless execution of periodic bank reconciliation statements.

Gimba highlighted the potential of steel development as a reliable and sustainable driver of economic growth in Nigeria, surpassing petroleum. She emphasized the committee’s dedication to delivering on its mandate and the necessity for timely submission of documentations to facilitate the smooth execution of their responsibilities.

Furthermore, the committee expressed its readiness for the presentation and defence of the 2024 Budget, emphasizing its intolerance for late responses from agency heads. It also underscored the importance of staff training and development to enhance uniform reporting and the overall efficiency of the system.

In conclusion, the House Committee on Steel Development reiterated its commitment to making a discernible difference through robust engagement with stakeholders, including the private sector, towards realizing its goals.