The House of Representatives Committee on Public Accounts has given the Central Bank of Nigeria (CBN) a firm deadline to conclude an ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over allegations of unremitted revenues into the Federation Account.
The directive was issued on Tuesday by the committee’s chairman, Bamidele Salam, after the CBN requested additional time to appear before the panel following a House resolution summoning the bank’s governor.
|
|
PREMIUM TIMES reported that the House at plenary on Wednesday, 10 December, resolved to summon the CBN Governor to conclude a hearing initiated during a joint sitting of the Committees on Public Accounts and Public Assets.
The investigation stemmed from extensive correspondence between the National Assembly, the CBN, the Ministry of Finance and other relevant agencies over alleged violations of the 1999 Constitution and the Fiscal Responsibility Act.
|
|
|
|---|
According to Mr Salam, reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit conducted by consultants indicated that the CBN allegedly failed to remit about ₦5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.
He added that additional findings pointed to outstanding remittances of about ₦954.3 million following the transition to the Treasury Single Account, discrepancies of about ₦11.09 billion, ₦2.686 trillion uncovered during the migration of federal government balances, as well as ₦521.7 million in Value Added Tax on remittance transactions.
Mr Salam said the CBN, in a letter dated 15 December, sought more time to respond and appear before the committee, citing the volume of documentation involved and an ongoing reconciliation exercise with the Ministry of Finance.
Addressing the reconciliation process, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described federal government revenue as central to governance, budgeting and public investment.
“Federal Government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” Mr Edun said.
He noted that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clearly defined framework and timeline.
“We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.
Mr Edun also reaffirmed the federal government’s respect for the National Assembly and its constitutional oversight role.
Lawmakers urge balance
Members of the committee stressed the need to balance accountability with fair hearing.
Ademorin Kuye (APC, Lagos) urged the House to grant the CBN limited additional time, provided the reconciliation was concluded within a defined timeframe.
“We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Mr Kuye said.
He noted that the committee was required to submit its report to plenary before the end of January 2026 and therefore needed to ensure that all relevant parties were adequately heard.
Mr Kuye added that the reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General of the Federation, while noting that the CBN and the Ministry of Finance remained the principal parties.
FRC acknowledges past challenges
Presenting the position of the Fiscal Responsibility Commission (FRC), Charles Abeta, who led its delegation, acknowledged longstanding difficulties in engagements between the commission and the CBN.
“The history of engagement between the commission and the CBN has not always been smooth,” Mr Abeta said.
He, however, welcomed the committee’s intervention and expressed the commission’s readiness for constructive dialogue.
Mr Abeta noted that the commission’s effectiveness had previously been constrained by weak enforcement powers but said recent legal amendments had strengthened its mandate.
READ ALSO: Reps probe systemic failures driving drug abuse in Nigeria
“With the amendment of the Fiscal Responsibility Act through the Finance Act 2020, particularly provisions empowering the Minister of Finance to enforce remittances directly from source, there is now a clearer enforcement window,” he said.
He added that while the commission had historically lacked the capacity to compel compliance, the revised legal framework offered an opportunity for more effective enforcement.
Deadlines set
The committee subsequently fixed 19 January 2026 as the deadline for the submission of reconciliation reports and 26 January 2026 for the personal appearance of the CBN Governor before the committee.
Mr Salam said the final hearing would hold on Monday, 26 January 2026, at 10 a.m., after which the committee would present its findings and recommendations to the House plenary.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
