The Senate on Thursday questioned the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, over how much the Federal Government has saved and spent since the removal of the fuel subsidy in June 2023. The lawmakers also demanded clarity on the nation’s debt servicing expenditures.
Mr. Edun, who appeared before the Senate to defend the 2025 budget, faced tough queries from the Appropriation Committee regarding the implementation of the 2024 budget, especially its capital component.
Unanswered Questions on Subsidy Savings
Senator Abdul Ningi (PDP, Bauchi Central) led the inquiry, asking Edun to explain how proceeds from the fuel subsidy removal were utilized in the 2024 fiscal year.
“What is the budget performance achieved so far for the 2024 fiscal year, particularly in terms of capital expenditure?” Ningi asked. He further pressed, “How much has been saved from the removal of the fuel subsidy, and how much has been spent? How much are we using for debt servicing, and what are the projections for 2025? Will the extension of the capital component of the 2024 budget to June 2025 ensure better implementation?”
Request for Closed-Door Session
Caught off guard, Edun appeared unprepared to answer these critical questions publicly. He responded by requesting a closed-door session to provide detailed explanations.
“Are we in a closed-door session? If we are not, I humbly seek that for detailed explanations on the questions asked,” Edun said.
Following his request, the Committee Chairman, Senator Solomon Olamilekan (APC, Ogun West), asked journalists present to leave the chamber for the closed-door session.
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Tough Time for Other Officials
Edun was not the only one under scrutiny. The Minister of Budget and Economic Planning, Atiku Bagudu, and the Director General of the National Orientation Agency (NOA), Lanre Issa-Onilu, also had a challenging time defending their 2025 budget proposals.
The NOA DG faced criticism over the National Identity Project, which lawmakers described as unfamiliar to the public. Senator Kenneth Eze (APC, Ebonyi Central), who chairs the Senate Committee on Information and National Orientation, demanded a fresh draft of the agency’s 2025 budget proposal.
Responding, Issa-Onilu defended the project, saying, “The challenge we have about the value system is about national identity, which is very necessary for galvanizing Nigerians for nation building, national development, and growth.”
Similarly, the Managing Director of the News Agency of Nigeria (NAN), Ali Mohammed, was asked to reconcile discrepancies in the 2024 budget implementation before seeking approval for the 2025 budget.
Lawmakers’ Concerns Over Budget Performance
The scrutiny highlighted broader concerns among lawmakers about the Federal Government’s budget performance, particularly regarding debt servicing and capital expenditure.
Ningi summed up the mood of the Senate, saying, “We need transparency and accountability to ensure that every kobo saved or spent is accounted for.”
As the Senate pushes for clarity, the grilling of government officials underscores the growing demand for better fiscal management and accountability in the nation’s budgeting process.