The National Assembly Joint Committee on Finance has issued a 48-hour ultimatum to key revenue-generating agencies, demanding their presence to defend their 2025 budgets. Failure to comply could result in their exclusion from government funding for the year.
Agencies targeted include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS), Nigerian Postal Service (NPS), and Nigerian Railway Corporation (NRC). Also affected are the Nigerian Civil Aviation Authority (NCAA), Standard Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority, and National Agency for Food and Drug Administration and Control (NAFDAC).
Further agencies named are the Nigerian Copyright Commission, National Insurance Commission, National Pensions Commission, National Space Research and Development Agency, Nigerian Meteorological Agency, Nigerian Agricultural Insurance Corporation, 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.
Senator Sani Musa (APC-Niger), Chairman of the Senate Committee on Finance, stated that President Bola Tinubu had directed all ministers and agency heads to appear and defend their budgets. He pointed out that National Assembly members had even curtailed their Christmas holidays to focus on the task.
“Despite this, many agencies have failed to honor our invitations to scrutinize their 2024 performance and evaluate the legitimacy of their 2025 projections,” Musa said.
He added that if agencies did not comply within 48 hours, the Committee would recommend to the Appropriation Committee to withhold their funding for 2025. “If these agencies are self-funded, we will request the Minister of Finance and the Accountant General to withhold their funding,” Musa warned.
James Faleke (APC-Lagos), Chairman of the House Committee on Finance, reiterated that the budget defense aimed to enhance revenue generation and reduce borrowing. “If these agencies fail to appear, the National Assembly will take the necessary steps,” he emphasized.
In a related development, the Senate adjourned plenary until January 28 to allow ministry, department, and agency heads to defend their allocations in the N49.7 trillion 2025 Appropriations Bill. This move follows a motion by Deputy Senate Leader Senator Ashiru Oyelola, and the resolution was passed after a voice vote by Senate President Godswill Akpabio.
