The company says it will expand flour, pasta and edible oil production, launch a noodles business and invest further in agriculture as it seeks to boost local food production and improve affordability.
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The Senate has warned that it may refuse to approve the 2026 budget proposal of the Office of the Accountant-General of the Federation over concerns about poor fund releases to Ministries, Departments and Agencies (MDAs) and the continued non-payment of contractors.
The threat was issued on Thursday during a budget defence session between the Senate Committee on Finance and the Accountant-General of the Federation, Shamseldeen Ogunjimi.
Lawmakers, led by committee chairman Senator Sani Musa, suspended consideration of the proposal, pointing to widespread dissatisfaction with the execution of the 2025 budget and unresolved liabilities dating back to 2024.
“We are not going to take your budget until we are satisfied that your office is ready to do things that will make things work for Nigerians through expected assurances from you,” he said.
Committee members voiced strong displeasure over what they described as weak budget performance, saying it has disrupted government activities and left many contractors unpaid.
Senators noted that more than N2.2 trillion is currently owed to contractors, a figure they described as unacceptable.
Senator Danjuma Goje (Gombe Central) raised concerns about the handling of public finances, especially revenues generated after the removal of fuel subsidy and earnings from government-owned enterprises that reportedly surpassed projections.
According to him, “Where is the money?” as he demanded clarity on the nation’s treasury and the utilisation of increased revenues realised by the Federal Government.
Goje also said the National Assembly has received numerous complaints from contractors requesting intervention over outstanding payments, calling the situation embarrassing for both the legislature and the country.
The committee further revealed that some security agencies have complained about insufficient funding due to delayed releases.
Lawmakers urged an immediate reassessment of the Federal Government’s envelope budgeting framework, arguing that it has fallen short of expectations.
They recommended adopting a performance-based budgeting system to strengthen accountability and improve efficiency.
The Senate reiterated that it would withhold consideration of the Accountant-General’s 2026 budget submission until convincing explanations and firm assurances are given on better budget implementation and prompt disbursement of funds.
Responding to the concerns, Ogunjimi appealed to the committee to revisit its decision to suspend deliberations on the proposal.
He maintained that his office can only release funds that are officially made available to it, stressing that the delays are not entirely within his authority.
He added that technical issues affecting the government’s payment platform had contributed to the setbacks but said the system is currently being expanded and upgraded to enhance its performance and reliability.
2026 budget: Senate threatens to withhold approval over N2.2tn contractors’ debts
The immediate implications of the federal government’s new tax reforms have been widely discussed since President Bola Ahmed Tinubu signed the four (4) Tax Reform […]
“Strong reforms over the past three years have yielded improved macroeconomic outcomes and built resilience. Still, conditions for many Nigerians remain difficult,” the IMF noted.
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