Lawmakers fault Corporate Affairs Commission boss Hussaini Magaji for inadequate budget defence, threaten sanctions before apology
The Senate has rejected the 2026 budget proposal of the (CAC), describing the presentation by its Registrar-General, over “clumsy” and “scanty.” Presentation.
The development unfolded during a budget defence session before the Senate Committee, where lawmakers expressed strong dissatisfaction with the level of detail provided in the commission’s financial estimates for the 2026 fiscal year.
According to senators present at the session, the CAC’s presentation lacked comprehensive breakdowns and clear justifications for projected expenditures. Lawmakers insisted that as a revenue-generating agency, the commission must provide transparent and well-structured financial documents that align with legislative expectations.
Committee members reportedly criticized the Registrar-General for initially failing to honour invitations to appear before the panel, describing the action as disrespectful to the National Assembly’s oversight function.
The rejection effectively stalls the approval process of the CAC’s 2026 budget pending a more detailed and properly structured re-presentation.
In the heat of deliberations, some senators moved that stronger measures be considered, including recommending disciplinary action against the CAC leadership for non-compliance and inadequate reporting.
The tension underscores growing concerns within the National Assembly over accountability and adherence to due process by federal agencies during budget defence sessions.
Following the heated exchange, the Registrar-General later appeared before the committee and tendered an apology, explaining that internal communication lapses contributed to his earlier absence.
Subsequently, the committee softened its stance, withdrawing immediate calls for his removal but maintaining its demand for a comprehensive and properly documented budget submission.
The CAC plays a critical role in business registration and corporate regulation across Nigeria, including the Federal Capital Territory. Any delay in its budget approval could impact operational capacity, reforms, and service delivery to businesses.
The situation also highlights the Senate’s renewed push to strengthen legislative oversight under the administration of President , as federal agencies are expected to demonstrate greater transparency in public financial management.
Observers say the coming weeks will determine whether the CAC can successfully defend its revised 2026 budget and restore full legislative confidence.
