The ongoing budget defence sessions at the National Assembly have once again reignited a long-standing debate: Is Nigeria’s budgeting process truly a mechanism for national development, or is it merely an avenue for unchecked financial mismanagement? As lawmakers scrutinize budgetary allocations, recent revelations suggest that corruption, reckless spending, and unaccountable fiscal practices continue to plague government agencies, leaving many Nigerians questioning the integrity of the system.
At the forefront of this debate is Honourable Alex Mascot Ikwechegh, a vocal advocate for financial transparency and accountability in governance. During a live interview on Channels TV’s Sunrise daily, Ikwechegh raised serious concerns over the alarming trend of government agencies persistently requesting increased funding without providing justifiable accounts of previous allocations.
“Every single agency that appeared before the National Assembly has asked for more money. And the million-dollar question remains: what have they done with previous allocations?” Ikwechegh asked. His scrutiny fell particularly on the National Agency for Science and Engineering Infrastructure (NASENI), an agency established in 1992 with the mandate to drive technological innovation and industrialization in Nigeria. Despite receiving billions in funding over the years, the agency’s tangible contributions remain questionable.
“What has NASENI manufactured?” Ikwechegh continued. “We are talking about an agency that has received hundreds of billions of naira. Where are the locally made power banks, streetlights, or any meaningful industrial output?” His statement underscored the need for increased scrutiny of budgetary allocations that fail to translate into real economic progress for Nigerians.
Hon. Ikwechegh representing Aba North/South at the House of Representatives, further revealed a disturbing pattern within the budget proposals submitted by agencies. “When you open these documents, you see suspicious line items such as ‘Engagement of Scientific Personnel for Infrastructural Growth’—budgeted at 17 billion naira. Another line reads ‘Engagement for This and That’ at 10 billion. These are vague and ambiguous figures that do not translate into any measurable impact for the Nigerian people,” he stated.
The lawmaker did not stop at exposing questionable expenditures; he called for a thorough investigation into NASENI’s financial activities over the past five years. He emphasized that at a time when Nigeria’s economy is struggling under inflation and mounting debt, financial transparency should be paramount.
“If we are truly serious about President Tinubu’s ‘Renewed Hope’ agenda, we must put an end to this financial recklessness. How can we claim to be tightening our belts when agencies are inflating budgets with frivolous spending?” Ikwechegh charged.
Beyond individual agencies, the broader picture of Nigeria’s budgeting crisis is even more alarming. With an estimated 85% of the national budget dedicated to overhead costs—leaving less than 20% for capital projects—the nation is on a path toward economic stagnation unless urgent reforms are enacted. “Our focus should be on production and manufacturing, yet we spend massively on bureaucracy while ignoring the fundamental issues hindering our economy. When will we stop living on borrowed funds and start generating revenue through actual industrial output?” Ikwechegh queried.
Honourable Ikwechegh further reinforced his stance, criticizing the inefficiencies and lack of measurable progress from agencies that continue to siphon national resources. “What have they achieved with the funds they’ve received in the past?” he asked, pointing out the absence of large-scale industrial impact despite claims of producing laptops and electric vehicles.
His solution? A call for immediate reforms and stringent oversight. “We need to check their books, identify leakages, and block them. The National Assembly must take responsibility. We must go beyond oversight visits and scrutinize financial records to ensure that the Nigerian people get value for their money,” he stated.
In response to Ikwechegh’s concerns, some officials within the National Assembly argue that the budgeting process remains rigorous and transparent. However, given the historical precedent of financial mismanagement in government agencies, scepticism remains high among citizens.
With the second year of the Tinubu administration fast approaching and no significant industrial or economic progress in sight, Nigerians are left questioning whether their leaders are truly committed to economic growth or merely sustaining a cycle of budgetary waste. One thing is clear: If these allegations hold true, the nation’s economic future remains in jeopardy unless urgent action is taken to curb financial excesses within the government.
Will the National Assembly heed these calls for reform, or will this budget defence session become another chapter in Nigeria’s long history of economic mismanagement? The nation waits in anticipation.
