Senate Takes Action Against CAC Registrar Over Absence, Calls for Stricter Budget Discipline Amid Finance Minister’s Revenue Constraints Warning

By Inalegwu Osemi

The Senate Committee on Finance, led by Senator Mohammed Sani Musa, has expressed strong dissatisfaction with the absence of the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, during a critical budget defence session. Lawmakers have begun proceedings aimed at his removal for repeatedly ignoring the committee’s summons.

During the session, which included key financial officials such as Finance Minister Wale Edun and Accountant-General of the Federation Shamseldeen Babatunde Ogunjimi, the committee described the CAC Registrar’s absence as unacceptable, highlighting it as a violation of legislative oversight responsibilities.
Lawmakers criticized what they termed a disregard for Senate authority, moving and seconding a motion to remove the Registrar-General for failing to appear before the committee to defend the agency’s budget and provide operational accountability.
Senator Musa, committee chairman, stressed the urgent need for a more efficient and transparent budgeting process across all Ministries, Departments, and Agencies (MDAs), urging the Federal Ministry of Budget and National Planning to enhance coordination and ensure proper budget planning and execution.
Senator Orji Uzor Kalu raised concerns about the effect of government policies at the grassroots level, noting that while macroeconomic indicators show improvement, there is limited evidence of tangible benefits for ordinary Nigerians. “We are seeing improvements in macroeconomic indicators, but what concrete steps are MDAs taking to strengthen the microeconomy and improve the lives of ordinary Nigerians?” he asked.
The committee underscored the need for a clear institutional framework within the Ministry of Finance to enable effective monitoring, evaluation, and oversight of MDAs’ financial activities and budget implementation.
Responding, Finance Minister Wale Edun cited revenue constraints as a key challenge affecting budget disbursement and execution. He highlighted that exchange rate fluctuations have further complicated financial planning, urging MDAs to focus on priority projects due to limited resources. “We must prioritize critical projects that will deliver the greatest economic impact, given the realities of revenue limitations,” he said.
Edun also encouraged MDAs to intensify internal revenue generation efforts, emphasizing that the Federal Government’s revenue optimization programme is intended to increase funding capacity and support sustained implementation of development projects.
Officials from various MDAs reported that inflation has declined and Nigeria’s Gross Domestic Product (GDP) is showing growth, attracting heightened investor interest.
Nevertheless, the Senate Committee pressed agencies to achieve more, calling for measurable improvements in both macro and microeconomic conditions. The committee reiterated its commitment to accountability, transparency, and prudent use of public funds, warning that any agency head failing to respect legislative oversight would face appropriate sanctions.