The House of Representatives Committee on Finance has officially commenced the 2026 budget defense sessions, signaling a rigorous crackdown on revenue leakages and underreporting by Government Owned Enterprises (GOEs) and Ministries, Departments, and Agencies (MDAs).
The sessions, which began on Thursday, February 19, at the National Assembly Complex, are part of the legislative push to ensure that the 2026 Appropriation Bill is backed by realistic and verifiable revenue streams.
The Chairman of the House Committee on Finance, Hon. James Faleke, emphasized that the Committee would no longer tolerate “business as usual.” He warned that any agency failing to reconcile its accounts with the Office of the Accountant-General of the Federation (OAGF) or the Fiscal Responsibility Commission (FRC) would face stiff legislative sanctions.
“Our goal is to ensure that every kobo due to the Federation Account is remitted,” Hon. Faleke stated. “The 2026 budget depends heavily on our ability to generate internal revenue, and we will be meticulous in reviewing the financial records of every agency that appears before us.”
The Committee identified several agencies with discrepancies between their reported revenues and actual remittances. MDAs have been given strict deadlines to reconcile these figures.
Lawmakers queried the high overhead costs reported by some GOEs, insisting that a greater percentage of operating surpluses must be remitted to the Consolidated Revenue Fund (CRF) to fund critical national infrastructure.
The Committee reiterated its support for the Executive’s 2026 fiscal targets but noted that success is contingent upon the “aggressive” collection of non-oil revenues.
The sessions featured a “clause-by-clause” examination of the 2025 performance to justify the proposed allocations for the upcoming fiscal year.
The Committee noted that while the government is committed to easing the economic burden on citizens, MDAs must play their part by cutting wasteful expenditures. Representatives from the Budget Office of the Federation and the Federal Inland Revenue Service (FIRS) were also in attendance to provide technical data to the lawmakers.
The budget defense sessions are expected to continue through the week as the House of Representatives works toward a timely passage of the 2026 Budget to maintain the January-to-December fiscal cycle.
