Senate Probes Revenue Remittances, Gives Defaulting Agencies 2-Week Ultimatum

The Senate Committee on Finance, chaired by Senator Mohammed Sani Musa, has commenced an investigative hearing into the remittance of Internally Generated Revenue (IGR) and operating surpluses by Ministries, Departments and Agencies (MDAs) into the Consolidated Revenue Fund (CRF), raising concerns over significant discrepancies and non-compliance with financial regulations.

The investigative hearing, held at the National Assembly Complex in Abuja, focused on the remittance of revenues for the 2023–2025 fiscal period. It brought together key government agencies to account for their financial obligations in line with the Fiscal Responsibility Act and other relevant public finance laws.

Addressing the session, Senator Sani Musa stressed that the Senate would not tolerate violations of the nation’s financial laws, insisting that every government agency must fully comply with statutory provisions governing the remittance of public funds.

The committee identified notable shortfalls and inconsistencies in the records presented by some agencies, underscoring the need for greater transparency, accountability and prudent management of public resources.

Among the agencies that appeared before the committee were the Maritime Academy of Nigeria and the Nigeria Security Printing and Minting Plc. Several other agencies invited to the hearing failed to appear, a development that drew criticism from members of the committee.

The Director-General of the Maritime Academy of Nigeria came under intense questioning over alleged discrepancies in the remittance of the institution’s operating surplus.

During the hearing, the Director-General was unable to provide satisfactory explanations on some of the issues raised. The committee appealed for more time to reconcile the agency’s financial records.

Following its deliberations, the committee directed the Maritime Academy to remit all outstanding operating surpluses to the Consolidated Revenue Fund within two weeks and to submit evidence of payment, along with all relevant financial documents, for verification.

Commenting on the development, Senator Mohammed Ogoshi Onawo condemned the practice of government agencies appearing before the National Assembly without adequate preparation.

“It is unfair and unacceptable for any government agency to appear before this committee unprepared. Agencies invited to account for public funds must come with complete records and be ready to answer questions,” he said.

The committee further directed all agencies that appeared before it to return within two weeks with comprehensive documentation and verifiable evidence of compliance with its directives.

In his closing remarks, Senator Sani Musa reiterated the Senate’s resolve to strengthen oversight of public finances and ensure that all revenues due to the Federal Government are remitted promptly into the Consolidated Revenue Fund.

He warned that agencies found to have violated the law would be held accountable, reaffirming the National Assembly’s commitment to promoting transparency, fiscal discipline and accountability in the management of Nigeria’s public resources.