The Nigerian Senate warns of zero budget allocation for agencies failing to present expenditure records from the 2024 appropriations. Highlighting discrepancies, the Senate Committee on Finance emphasizes transparency and fiscal responsibility. Senator Sani Musa stressed, “Agencies missing committee appearances risk zero 2025 budget funding.” The Accountant General reported on revenue, noting ₦2.7 trillion in independent revenue. However, the committee identified significant gaps in financial reports. Concerns arose over inefficiencies in Nigeria’s centralized payment system, affecting 700+ Ministries, Departments, and Agencies (MDAs). Issues like under-the-table fees and low stamp duty revenue were discussed. Will this push enhance Nigeria’s financial transparency? Source
What measures should be implemented to strengthen financial transparency in Nigeria?
