Senate: Non-compliant agencies won’t receive 2025 budget funds
The Senate Finance Committee has warned government-owned agencies that fail to provide proper expenditure records for the 2024 fiscal year will not receive funding from the 2025 budget.
Senator Sani Musa issued the threat during an investigative hearing on Monday, emphasizing that allocations would be withheld from any non-compliant agency.
The committee also criticized the centralized payment system managed by the Office of the Accountant General, particularly delays in the release and use of capital budgets.
The hearing, which focused on internally generated revenue, fiscal accountability, and Nigeria’s financial management, revealed irregularities in the expenditure records of some agencies.
The committee expressed dissatisfaction with incomplete financial reports from the Accountant General of the Federation, Missus Oluwatoyin Madein, and vowed to summon other key agencies, including the Nigerian National Petroleum Corporation (NNPCL) and the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), to address discrepancies.
Concerns were also raised over low stamp duty revenues, which amounted to just ₦30.3 million from 2020 to 2024, far below the ₦301.49 million in other IGR categories. The committee noted that poor budget performance and inefficiencies in tax collection were to blame.
The Accountant General defended the centralized system, citing its goal to eliminate inefficiencies and prevent unspent funds from rolling over. The committee has given her until Wednesday to provide additional reports.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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