The Senate has issued a strong warning to ministries, departments and agencies (MDAs) of the federal government, stating that they risk receiving no budget allocation for the 2025 fiscal year if they fail to appear for a review of their 2024 expenditures.
During an investigative hearing led by the Senate Committee on Finance, chaired by Senator Sani Musa, the lawmakers expressed frustration over discrepancies in Nigeria’s revenue and expenditure records. The committee called for better coordination between the Office of the Accountant General of the Federation and the Senate to improve fiscal accountability.
Speaking at the session, Senator Musa emphasized that transparency and accountability are essential for governance. He warned that any agency refusing to cooperate with the committee’s oversight efforts would face serious consequences in the 2025 budget.
“This exercise is critical as we prepare for the 2025 budget. Any agency that fails to provide accurate records of how their 2024 appropriations were spent risks zero allocation,” Senator Musa stated.
During the hearing, members of the committee criticized discrepancies in financial reports submitted by various agencies, including the Nigerian National Petroleum Company Limited (NNPCL) and other government-owned enterprises. They also noted inconsistencies in the remittance of internally generated revenue, which obstruct effective oversight and policy implementation.
The centralized payment system managed by the Accountant General’s Office came under heavy criticism for causing delays in project execution and payments to contractors. Lawmakers described the system as inefficient, noting that it creates bottlenecks and undermines public trust.