Through its Finance Committee, the Nigerian Senate has warned government agencies of zero allocation in the 2025 budget if they fail to account for funds allocated in 2024. During an investigative session, the committee, led by Senator Sani Musa, emphasized the importance of fiscal accountability and transparency. The Accountant-General of the Federation presented internally generated revenue figures but faced scrutiny over incomplete financial reports, prompting the Senate to invite additional agencies for a comprehensive review.
Lawmakers expressed frustration with inefficiencies in Nigeria’s centralized payment system, managed by the Accountant-General’s office. They cited delays in capital project funding and alleged under-the-table payments required by contractors to expedite payments. These challenges, they argued, have hindered infrastructure development and eroded public trust. The committee highlighted the need for systemic reforms to enhance budget performance and ensure timely project execution.
The Senate resolved to summon key agencies, including the Nigerian National Petroleum Corporation and the Nigerian Extractive Industries Transparency Initiative, to address submission discrepancies and improve financial oversight. Senator Musa reiterated that budget allocations for 2025 depend on agencies demonstrating transparency and accountability in their 2024 expenditures, underscoring a commitment to robust fiscal management practices.
