Senate Threatens Sanctions Against CAC Registrar Over Budget Defence Snub

The Senate Committee on Finance has threatened to recommend sanctions against the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, following his failure to appear before lawmakers for a scheduled budget defence session.

The committee, chaired by Senator Mohammed Sani Musa, described the Registrar-General’s absence as unacceptable and a violation of legislative oversight obligations. Lawmakers expressed anger that the CAC boss failed to honour repeated invitations to defend the agency’s budget and account for its financial operations.

During the session, which was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as well as the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, members of the committee moved a motion calling for decisive action against the CAC chief, including the possibility of recommending his removal.

Chairman of the committee, Senator Musa, stressed that no agency head is above legislative scrutiny, warning that continued disregard for the Senate’s authority would not be tolerated. He underscored the need for improved discipline, transparency and efficiency in the nation’s budgeting process.

The committee also urged the Federal Ministry of Budget and National Planning to enhance coordination among Ministries, Departments and Agencies (MDAs) to ensure proper planning, monitoring and implementation of approved budgets.

Contributing to the debate, Senator Orji Uzor Kalu questioned the impact of government reforms on ordinary Nigerians. While acknowledging reported improvements in macroeconomic indicators, he expressed concern over the absence of clear evidence that such gains are translating into meaningful improvements in the microeconomy.

“We are hearing about better macroeconomic figures, but how are these policies improving small businesses and household incomes?” Kalu asked.

Responding to the committee’s concerns, Edun attributed challenges in budget implementation to revenue constraints and exchange rate fluctuations, which he said have affected government disbursements.

He advised MDAs to concentrate on priority projects capable of delivering significant economic impact, noting that limited resources make it impossible to fund all budgeted items at once.

“We must align our spending with available revenues and focus on projects that will stimulate growth and create jobs,” the minister said.

Edun further encouraged agencies to strengthen internal revenue generation, adding that the Federal Government’s revenue optimisation drive is designed to boost funding capacity and ensure sustained execution of development programmes.

Although officials reported that inflation has moderated and Gross Domestic Product (GDP) growth is improving, lawmakers insisted that such progress must reflect in better living conditions for citizens.

The committee reaffirmed its commitment to enforcing accountability and prudent management of public funds, warning that any agency head who fails to respect legislative oversight will face appropriate consequences.