The Senate Committee on Finance has rejected the 2026 budget proposal presented by the Corporate Affairs Commission (CAC), claiming that the agency’s documents submitted were untidy, scanty, and unprecedented.
It stated that, rather than the documents, to enlighten the lawmakers on the purpose of the financial projections, the proposals before the committee were riddled with unanswered questions.
The Committee, chaired by Sani Musa, on Monday, directed the Commission to return with a more detailed and properly structured budget presentation on Thursday, March 5, with clear financial assumptions and reconciled figures.
Isah expressed dissatisfaction with inconsistencies in revenue figures, remittances, and outstanding obligations contained in the document presented by the Registrar-General and Chief Executive Officer of CAC, Ishaq Magaji,.
The Chairman of the committee, Musa, subsequently asked CAC to review its submission and provide comprehensive explanations addressing revenue remittances, outstanding liabilities, and financial projections.
Magaji had tendered an unreserved apology to the committee over his absence at a previous budget defence session and an interactive meeting with the Federal Government’s economic team, blaming the incident on an internal communication crisis within the Commission.
The absence had earlier angered lawmakers, prompting calls for President Bola Tinubu to sack the Registrar-General for disrespect to the Senate.
Following a motion moved by Isah Jubril, the committee rescinded its earlier resolution recommending his removal and withdrew proposed disciplinary measures.
