The Senate through its Finance Committee Monday threatened zero allocation in the 2025 fiscal year for any government owned agencies that failed to appear before it for scrutiny of records of expenditure made from 2024 appropriations.
It frowned at discrepancies observed in the records books of some of the agencies.
Senate’s threat against any agency found wanting on proper expenditure records from 2024 appropriations , came to the fore during an investigative hearing on remittance of internally generated revenue, fiscal accountability, and the overall state of the country’s financial management system conducted by its committee on finance.
Specifically, the chairman of the committee , Senator Sani Musa (APC Niger East) in his closing remarks after an interface with the Accountant General of the Federation, Oluwatoyin Madein, said any agency that failed to appear before the committee risks zero allocation for 2025 fiscal year.
“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 Accountant General of the Federation had before the threat, presented a summary of internally generated revenue for the federal government up to September 2024.
The reported figures included: Independent revenue of ₦2.7 trillion, Operating surplus from Government-Owned Enterprises (GOEs) amounting to ₦2.3 trillion and Ministries, Departments, and Agencies’ (MDA) internally generated revenue (IGR) of ₦344 billion.