The Senate on Monday quizzed the Accountant-General of the Federation, Oluwatoyin Madein, during a session on the 2024-2026 Medium-Term Expenditure Framework (MTEF).
In the session before the Joint Senate Committee on Finance, Madein reported that zero revenue accrued from the Nigerian National Petroleum Company Limited (NNPCL) as well as the solid minerals sector and an abysmal figure from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the last two years.
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The lawmakers expressed dissatisfaction with the explanation of non-performance by the sectors, directing the AGF to provide names of agencies found wanting in their revenue obligations, so they could immediately be called to order.
In Madein’s submission of the 2020 budget revenue of the federation, projected revenues for stamp duties were pegged at N16 billion, but actual collection came to N119.4 billion.
The same applied to the 2022 figures where the estimated projection was pegged at N16.8 billion but the amount generated was N53 billion. The joint committee subsequently sought clarity on why the agencies’ performance consistently surpassed projected budget revenues.
The Senate Committee Chairman, Senator Sani Musa, asked the AGF to ensure proper reconciliation of most accounts of the Federation Government.
