Cash Crunch: Senate At War With Tinubu’s Economic Team Over Contract Debts

…To Freeze AGF’s 2026 Budget

The Senate on Thursday drew the battle line with President Bola Tinubu’s economic management team over the persistent cash crunch and huge debts owed to local contractors by the government.

Angered by the hardship caused by the non release of capital votes in the 2024 and 2025 budgets to the MDAs, the Senate has decided to freeze the 2027 budget of the office of the Accountant General of the Federation (AGF).

The Senate, through its Committee on Finance, demanded to know the state of the nation’s finances, including the trillions is obtained from foreign and domestic borrowing in the last two years.

The senators, during a budget defence session at the National Assembly demanded explanations from AGF, Samshedeen Ogunjimi, about the state of the federal purse.

“What happened to all the loans we approved for you and where is all the money”, one of the Senate committee members, Senator Mukhtari Dandutse, fired at Ogunjimi.

Details shortly…