By NEFISHETU YAKUBU

The Senate Committee on Finance has given the Ogun-Osun River Basin Development Authority a two-week ultimatum to reconcile its financial records or face legislative sanctions.

The chairman of the committee, Sen. Sani Musa, issued the directive on Wednesday in Abuja during an investigative hearing on remittances of internally generated revenue and operating surplus into the Consolidated Revenue Fund (CRF) from 2023 to 2025.

Presenting the Authority’s reports, the Acting Managing Director, Mr Ayo Oyano, who appeared before the committee, said the Managing Director, was on annual leave.

Oyano said the authority generated N72.75 million in 2023 and remitted N18.18 million, representing 25 per cent of its internally generated revenue.

He added that the agency generated revenue in 2024 and 2025, insisting that receipts for all remittances made to government were attached to its submissions.

The acting managing director argued that some revenue generated was used to maintain tractors and other operational assets employed in providing services to farmers.

He maintained that the authority was not primarily a revenue-generating agency but utilised proceeds from services to maintain equipment not covered by annual budgetary provisions.

The committee rejected the explanation of Oyano, insisting that all revenue generated must be remitted into the Consolidated Revenue Fund through the Treasury Single Account.

“If clients pay for your services, those funds belong to government and must go into the Consolidated Revenue Fund,” Musa said.

The committee chairman directed the authority to reconcile its records with the Office of the Accountant-General of the Federation and the Fiscal Responsibility Commission within two weeks.

“From the look of things, your books are not in order. We are giving you two weeks to reconcile your accounts,” he said.

He warned that failure to comply could result in the suspension of budget releases and other legislative sanctions against the authority.

Addressing newsmen after the hearing, Musa said the investigation formed part of the committee’s constitutional oversight responsibilities under the 1999 Constitution, as amended.

He said the committee was empowered to summon ministries, departments, agencies and government-owned enterprises to account for revenue collected on behalf of the Federal Government.

“Any agency collecting revenue and spending it without appropriation is acting illegally. Such practices will not be tolerated,” he said.

The chairman also lamented that several invited agencies failed to honour the committee’s invitations, warning that the Senate would take appropriate action against defaulting organisations.

He urged chief executives of government agencies to appear personally before the committee whenever invited to explain their organisations’ financial transactions and statutory remittances. (NAN)

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