The House of Representatives Committee on Finance has suspended the budget defense session for the Corporate Affairs Commission (CAC) following the discovery of significant discrepancies in the agency’s financial submissions.
During a scheduled hearing at the National Assembly, Committee Chairman Hon. James Faleke dismissed the CAC’s presentation, citing a lack of clarity and accuracy in the documents provided. The Committee asserted that it would not deliberate on the agency’s 2026 budget until a comprehensive and reconciled account of its previous expenditures and revenue generation is submitted.
The Committee noted that the figures presented by the CAC did not align with previous financial reports, rendering the current submission unreliable for legislative scrutiny.
Lawmakers emphasized that appearing before the Committee is a matter of constitutional accountability, and agencies must provide “accurate and verifiable” records to ensure transparent governance.
The defense has been moved to next week Tuesday, allowing the CAC management time to rectify the errors and provide a detailed breakdown of its fiscal performance.
“We cannot proceed with a budget defense when the records provided are inconsistent,” stated Hon. James Faleke. “The CAC must return with accurate documents that reflect the true state of their finances. Accountability to the Nigerian people is non-negotiable.”
The Committee has directed the Registrar-General of the CAC to ensure that the next submission is fully reconciled with the Office of the Accountant General of the Federation to avoid further delays.
The House Committee on Finance remains committed to its oversight function, ensuring that all Ministries, Departments, and Agencies (MDAs) adhere to strict fiscal discipline and transparency in the management of public funds.
