The Nigerian Senate has rejected the 2026 budget proposal presented by the Registrar-General and Chief Executive Officer of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, describing the document as clumsy, scanty and unprecedented.
The rejection followed a tense budget defence session before the Senate Committee on Finance on Monday, where lawmakers openly expressed dissatisfaction with the structure, content and financial assumptions contained in the proposal submitted by the Commission.
The Committee, chaired by Senator Sani Musa, directed the CAC to return on Thursday, March 5, with a more detailed and properly structured presentation, complete with clear financial assumptions, reconciled figures and comprehensive explanations of revenue projections and remittances.
During the session, Senator Isah Jubril raised concerns over glaring inconsistencies in the revenue figures presented by the agency.
He questioned discrepancies in remittances to the Federal Government, outstanding obligations and projected earnings for the 2026 fiscal year.
According to members of the committee, the figures submitted by the CAC failed to align with previously reported revenues and lacked detailed breakdowns to justify projections and expenditure plans.
Chairman of the committee, Senator Sani Musa, described the submission as below legislative expectations and warned that such presentations undermine the oversight responsibilities of the Senate.
He subsequently directed the agency to review its proposal and return with a comprehensive document addressing all concerns raised by the committee.
The development comes amid heightened scrutiny of the CAC leadership, following the earlier absence of the Registrar-General from a previous budget defence session and an interactive meeting with the Federal Government’s economic management team.
Magaji had tendered an unreserved apology to the committee over his absence, attributing the incident to what he described as an internal communication crisis within the Commission.
His failure to appear at the earlier session had stirred outrage among lawmakers, with some senators reportedly calling on President Bola Tinubu to sack him for disrespect to the Senate.
However, following a motion moved by Senator Isah Jubril during Monday’s session, the committee rescinded its earlier resolution recommending the removal of the Registrar-General.
The lawmakers also withdrew proposed disciplinary measures against him.