Our reporter
The Senate has intensified its scrutiny of government financial practices, highlighting significant irregularities in agency expenditure and revenue remittances from the 2024 fiscal year.
At the heart of this push is a call for heightened transparency and accountability across federal agencies.
During an investigative hearing led by the Finance Committee on Monday, Chairman Senator Sani Musa called for urgent reforms, warning that agencies failing to submit accurate expenditure records risk losing their 2025 budget allocations.
The committee expressed dissatisfaction with the centralised payment system managed by the Office of the Accountant General of the Federation (OAGF), citing delays and inefficiencies in budget utilization.
Accountant General Oluwatoyin Madein presented a revenue summary covering January to September 2024, reporting ₦2.7 trillion in independent revenue and ₦2.3 trillion in operating surpluses from Government-Owned Enterprises (GOEs). However, lawmakers criticized the report for its narrow focus, excluding key data from other federal agencies.
The committee also addressed a significant shortfall in stamp duty collections, which totalled just ₦30.3 million from 2020 to 2024—far below expectations. Lawmakers attributed this to poor budget implementation and weak financial oversight, emphasizing the need for systemic reforms.
Senator Musa announced plans to summon additional agencies, including the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) and the Nigerian Extractive Industries Transparency Initiative (NEITI), to examine discrepancies in financial records. “A coordinated review with all stakeholders present is essential to eliminate inconsistencies and rebuild trust in our financial system,” he stated.
The committee demanded supplementary reports from the Accountant General by Wednesday, underscoring the Senate’s resolve to enforce stricter compliance and ensure effective management of public funds in future budgets.
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