The Nigerian Senate has issued a stern warning to ministries, departments, agencies (MDAs), and other federal government bodies, threatening them with zero allocation in the 2025 fiscal year if they fail to appear before the Senate Committee on Finance to account for expenditures from the 2024 appropriations. This warning was issued during an investigative hearing held yesterday, where senators raised concerns about discrepancies in the country’s revenue generation and expenditure tracking systems. They also called for improved cooperation between the Office of the Accountant General of the Federation and the legislature.
The hearing, led by Senator Sani Musa, centered on the remittance of internally generated revenue, fiscal accountability, and the state of Nigeria’s financial management. Senators expressed frustration over the significant discrepancies observed in the financial records of several government agencies.
In his opening remarks, Senator Musa underscored the importance of addressing these inconsistencies, pointing out that such issues compromise transparency and accountability in governance. He made it clear that any MDAs that failed to attend the hearing and provide clear documentation of how funds allocated in 2024 were spent would risk being excluded from the 2025 budget. “This performance index exercise on the various MDAs is preparatory to the 2025 budget. Any agency that failed to appear before this committee upon invitation risks zero allocation in the 2025 budget because records of how appropriations made for 2024 are expended must be provided with facts and figures,” he said.
The senator also expressed concern over the lack of readily accessible and accurate data on the country’s finances. He pointed out that this gap severely hampers effective oversight and policymaking. “We should be able to determine, at any point, the exact state of revenues collected, how they’ve been disposed of, and what has been allocated to various accounts. Unfortunately, that is not the case today,” Musa added.
Among the areas flagged during the session were discrepancies in reports from the Nigerian National Petroleum Company Limited (NNPCL) and the federation account, the dividends received from Liquefied Natural Gas (LNG) operations, and other significant financial variances. These discrepancies have raised alarms about the integrity of Nigeria’s financial management system and the need for greater transparency in revenue generation and allocation.
The committee’s findings reflect growing concerns about the mismanagement of public funds, and the Senate’s action signals its determination to enforce greater accountability within the federal government’s financial operations.
Gathered by:Onoro Promise Edesiri