From Victor Osula, Abuja
The National Assembly Joint Committee on Finance has given a 48-hour ultimatum to revenue-generating agencies to appear for the defence of their 2025 budget proposals or risk losing their funding for the year.
The affected agencies include the Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Federal Inland Revenue Service, Nigerian Postal Service and the Nigerian Railway Corporation.
Others are the Nigerian Civil Aviation Authority, Standards Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority, National Agency for Food and Drug Administration and Control, National Insurance Commission, and the National Space Research and Development Agency.
Additional agencies on the list are the Nigerian Agricultural Insurance Corporation, Nigerian Airspace Management Authority, Nigerian Content Development and Monitoring Board, Transmission Company of Nigeria, and Nigerian Liquified Natural Gas Limited among others.
Chairman of the Senate Committee on Finance, Senator Sani Musa (APC-Niger), while addressing journalists, noted that President Bola Tinubu had directed all ministers and heads of agencies to appear before the National Assembly to defend their budgets with utmost responsibility.
“Members of the National Assembly cut short their Christmas holidays to carry out this national duty. Unfortunately, many agencies have failed to honor our invitation to review their 2024 performance and justify their 2025 projections,” Musa lamented.
He warned that the Joint Committee would not hesitate to recommend the withdrawal of funding for non-compliant agencies.
“By virtue of the constitutional powers vested in the Finance Committees of the Senate and House of Representatives, we are giving these agencies 48 hours to appear.
“Failure to comply will lead to the recommendation of budget cuts or the withholding of funds for self-funded agencies. We will also ask the Minister of Finance and the Accountant General of the Federation to take necessary actions against them,” Musa added.
On his part, the Chairman of the House Committee on Finance, James Faleke (APC-Lagos), emphasized the importance of budget defence sessions in addressing revenue shortfalls and reducing reliance on borrowing.
“The essence of this exercise is to ensure accountability, boost revenue generation, and minimize borrowing. If these agencies refuse to cooperate, the National Assembly will take the necessary actions,” Faleke stated.
The Joint Committee has reaffirmed its commitment to ensuring fiscal discipline and improving the nation’s financial outlook through rigorous budget scrutiny.
