(SINL NIGERIA) The Senate committee on Finance on Monday said it will not hesitate to withhold allocations to any agency that does not comply with its summons for scrutiny.
Specifically, the committee also said it will not tolerate non provision of proper expenditure records from the 2024 fiscal year by government agencies.
Chairman of the Finance Committee, Senator Sani Musa (APC, Niger East) made the disclosure during an investigative hearing with the office of the Accountant General of the Federation in Abuja.
Indeed, during an interaction with the Accountant General of the Federation, Oluwatoyin Madein, the committee expressed dissatisfaction with the centralized payment system managed by the Office, even as members frowned upon delays in the release and utilization of capital budgets.
The investigative hearing focused on the remittance of internally generated revenue, fiscal accountability, and the overall state of Nigeria’s financial management system.
Madein, presented a summary of federal government revenues up to September 2024, saying: Independent revenue: ₦2.7 trillion; Operating surplus from Government-Owned Enterprises (GOEs): ₦2.3 trillion.
Meanwhile, the committee criticized the report for being incomplete, stressing that it only reflected the activities of the Accountant General’s office, leaving out key financial details from other federal agencies.
The lawmakers also resolved to summon other critical agencies, including the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), the Nigerian Extractive Industries Transparency Initiative (NEITI), and the Nigerian National Petroleum Corporation Limited (NNPCL), for a comprehensive review of discrepancies in their financial submissions.
“This is not about hearing from one side and another separately; we need all stakeholders present at the same time to provide clarity and consistency in their reports,” Senator Musa stated, emphasising the need for transparency.
