The Chairman of the Finance Committee of the Senate, Senator Sani Musa, has warned government-owned agencies that fail to provide proper expenditure records from the 2024 fiscal year.

Speaking at an Investigative hearing on Monday, Musa said allocations will be withheld from agencies that fail to comply with the directive.

The committee expressed dissatisfaction with the centralised payment system managed by the Office of the Accountant General, head by Oluwatoyin Madein, citing irregularities in the expenditure records of some agencies.

The investigative hearing focused on the remittance of internally generated revenue, fiscal accountability, and the overall state of Nigeria’s financial management system.

While presenting a summary of federal government revenues up to September 2024, the Accountant General of the Federation reported – Independent revenue: ₦2.7 trillion; Operating surplus from Government-Owned Enterprises (GOEs): ₦2.3 Trillion MDA’s internally generated revenue (IGR).

This was faulted by the committee which stated that it ignored key agencies and only focused on the AGF’s office.

To ensure a comprehensive review of finances, the lawmakers agreed 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).

“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.