The Senate, through its Finance Committee, has threatened zero allocation in the 2025 fiscal year for any government owned agencies that failed to appear before it for scrutiny of records of expenditure made from  2024 appropriations .

It frowned at discrepancies observed in the records books of some of the agencies.

GALAXYTV reports that the Senate's threat against any agency  found wanting, on proper expenditure records from 2024  appropriations , came to the fore during an investigative hearing on  remittance of internally generated revenue, fiscal accountability, and the overall state of the country’s financial management system conducted by its committee on Finance .

Specifically, the Chairman of the Committee , Senator Sani Musa ( APC Niger East ) in his closing remarks after an interface with the Accountant General of the Federation , Oluwatoyin Madein, said any agency that failed to appear before the committee risks zero allocation for 2025 fiscal year .

According to him, the performance index exercise on the various MDAs , is preparatory to the 2025 budget stressing that, any agency that failed to appear before the committee upon invitation , risks zero allocation in the 2025 budget.

The Accountant General of the Federation had before the threat ,  presented a summary of internally generated revenue for the federal government up to September 2024. 

The reported figures included: Independent revenue of ₦2.7 trillion, Operating surplus from Government-Owned Enterprises (GOEs) amounting to ₦2.3 trillion and Ministries, Departments, and Agencies' (MDA) internally generated revenue (IGR) of ₦344 billion.

However, the Committee noted that the submitted report focused solely on the Accountant General’s office, with significant omissions regarding the federal government’s overall financial activities.

The committee however gave the Accountant General until Wednesday this week , to provide all requested reports, ahead of a follow-up meeting scheduled for 2pm the same day. 

Members also indicated plans to summon other agencies, including the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Extractive Industries Transparency Initiative (NEITI), to address discrepancies in their submissions