The National Assembly Joint Committee on Finance has issued a stern 48-hour ultimatum to revenue-generating agencies, urging them to appear for their 2025 budget defence or risk losing government funding for their operations in 2025.
The committee expressed dissatisfaction with the agencies’ failure to honor invitations to present their revenue-generating profiles and defend their budget proposals.
This lack of compliance, the lawmakers noted, hampers the budgetary process and undermines accountability.
The ultimatum reflects the National Assembly’s commitment to ensuring transparency and efficiency in managing public funds.
Lawmakers emphasized that agencies relying on government allocations must demonstrate fiscal responsibility and justify their funding needs.
Failure to comply within the given timeframe may result in severe consequences, including the withdrawal of financial support for the affected agencies in the coming year.
The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), the Federal Inland Revenue Service (FIRS), the Nigerian Postal Service (NPS), and the Nigerian Railway Corporation (NRC).
Others are the Nigerian Civil Aviation Authority (NCAA), Standard Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority and the National Agency for Food, Drug Administration and Control (NAFDAC).
The Nigerian Copyright Commission, National Insurance Commission, National Pensions Commission, National Space and Research Development Agency, and the Nigerian Metrological Agency are also included.
The rest are the Nigerian Agricultural Insurance Corporations, Airspace Management Authority, Nigerian Content Development and Monitoring Board, Nigerian Liquefied Natural Gas Limited, Transmission Company of Nigeria, Bank of Industry (BoI), and Nigerian College of Aviation Technology, Zaira.
Speaking during the second day of the revenue profiling exercise, Chairman of the Senate Committee of Finance, Senator Sani Musa (APC-Niger), said President Bola Tinubu, while presenting the 2025 budget to the National Assembly, mandated all ministers and heads of agencies to appear to defend their respective budgets before the Assembly.
According to Senator Musa, members of the National Assembly had to cut short their Christmas holidays to attend to the national assignment.
“But to our dismay, a lot of agencies have refused to honour our invitations to appear before us, for us to scrutinise their performances in 2024 and look at their 2025 projection, if it is justifiable.
“These agencies have refused to honour the Joint Committee’s invitation.
“So, by virtue of the constitutional powers given to the Joint Committees on Finance of both the Senate and the House of Representatives, we are given the chief executives of these agencies 48 hours within which to appear before this Joint Committee.
“Failure to do that, the Committee will not hesitate to recommend to the Appropriation Committee to withhold any appropriation to these agencies.
“If these agencies are self-funded, we will also request both the Minister of Finance and the Accountant General of the Federation to withhold their funding,” he said.
Chairman of the House Committee on Finance, James Faleke (APC-Lagos State), said the essence of the budget defence exercise was to boost revenue generation and cut down on borrowing.
“If these agencies refuse to appear before us, the needful will be done by the National Assembly,” he said.
The Senate adjourned plenary till January 28 to enable heads of ministries, departments and agencies (MDAs) to defend their allocations in the N49.7trillion 2025 Appropriations Bill before its relevant committees.
The Senate’s resolution to suspend plenary for two weeks followed a motion moved by the Deputy Senate Leader, Senator Ashiru Oyelola.
Senators approved the motion when it was put to voice vote by Senate President Godswill Akpabio.
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