The House of Representatives on Wednesday invoked the provisions of order 19, rule 1 and 2 of its standing order, and its constitutional power to summon the governor of the Central Bank of Nigeria (CBN) to appear before the House Committee on Public Account to explain the non-remittance of about ₦16 trillion into the coffers of the federal government.
The CBN governor is to appear unfailingly before the committee on Tuesday, 16th December 2025, to explain the non-remittance of the identified Government revenues and present a concrete plan for the immediate payment of all outstanding amounts into the designated Federal Government accounts.
In a motion on notice, Chairman of the House Committee on Public Accounts, Bamidele Salam the apex bank failed to remit over N5 trillion operating surplus as ₦11 trillion government revenue to the government accounts.
He reminded members of the strategic and statutory role of the Central Bank in the administration of the Remita Revenue Collection System established pursuant to the Fiscal Responsibility Act, 2007, Central
Bank of Nigeria Act, 2007, the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and other extant fiscal and financial management laws of the Federation.
He said under the Fiscal Responsibility Act, 2007, the Central Bank of Nigeria Act, 2007, the Finance Act, 2020, and the relevant subsidiary legislation, the Central Bank of Nigeria is mandated to collect, account for, and remit all Federal Government revenues accruing through the Remita platform into designated Government accounts in a transparent, efficient and in line with regulatory standards.
He disclosed that the Public Accounts Committee (PAC) is duly empowered by Sections 85(5), 88, and 89 of the 1999 Constitution, as well as Order 20, Rule 6 of the Standing Orders of the House to consider the Auditor-General’s Reports and to conduct investigations into the general and specific areas of Nigeria’s public financial management.
He said in the course of the ongoing investigation by the Public Accounts Committee into the Auditor General’s Report of the 2022 financial year and the administration of the Remita Revenue Collection System by the Central Bank of Nigeria, covering the period from 1 March 2015 to 30 April 2016, the Committee uncovered various infractions.
He said the committee discovered “the CBN undisputed liability of ₦5.2 Trillion, in unpaid operating surpluses due to the FGN for the years ended 2016 to 2022, which has remained unremitted to date; refunds of Collected Charges by the Central Bank of Nigeria. (a) Amount collected by the Central Bank of Nigeria: ₦954,302,576.67, (b) Amount Refunded by the Central Bank of Nigeria: ₦0.00; c) Difference/Variation ₦954,302,576.67; (d) computed Interest at Monetary Policy Rate (MPR) of 27.25%: ₦2,329,027,728.92” (e) Total Amount Due for Refund: ₦3,283,330,305.05
“Discrepancy in Total Collections Claimed by the Central Bank of Nigeria: (a) CBN Claim of Total Collections (as per data submitted): ₦8,736,481,203.58; (b) PAC-Computed Central Bank of Nigeria Collections (from the same data):
₦19,834,886,731.77; (c) Difference/Variation: ₦11,098,385,528.19.
“Missing Balance Take-On on Central Bank of Nigeria Core System
He said further that the committee discovered a migration discrepancy amounting to ₦2,686,325,119,825.10 being outstanding and payable to the Federal Government’s Assets Recovery Account.
He expressed concern that “cumulatively, the Committee has uncovered that the Central Bank of Nigeria is indebted to the Federal Government of Nigeria in the sum of over ₦11 trillion, arising from the foregoing infractions and discrepancies.
“Despite several formal communications and invitations extended to the Governor of the Central Bank of Nigeria by the Public Accounts Committee to appear, provide explanations, and remit the outstanding amounts into designated Government accounts, the Central Bank of Nigeria has failed, refused, or neglected to honour the invitations or effect the required remittances as directed by the Committee.
“At a time when the nation is confronted with acute revenue shortages, heightened insecurity, and pressing developmental needs, the prompt recovery of all Government funds is critical for national stability and economic sustainability.
“The constitutional mandate of the Legislature to provide oversight over public finances and to safeguard the assets and revenues of the Federal Republic of Nigeria”.
The motion elicited heated disagreement from members on the mode to approach the issue, leading to a rowdy session and making the House uncontrollable.
While some members wanted the CBN governor invited to address the whole House at plenary, Ghali Mustapha (NNPP, Kano) suggested the setting up of an ad-hoc committee comprising relevant committees of the House, while Ahmed Jaha (APC, Borno) believed that he matter should be referred back to the Public Accounts Committee.
Jaha argued that taking the matter away from the Public Accounts Committee will affect the confidence of other committees that may have similar reports, while giving heads of government agencies more confidence to disregard invitations from the House.
Sada Soli (APC, Katsina) said the President should take special notice of the information contained in the report, considering the fact that it was brought to the House by a constitutional committee headed by a member of the opposition.
He asked the House to invoke order 19 of its standing order and summon the CBN governor to appear, failing which, the House will take appropriate actions.
Speaker Abbas, who presided over the plenary, was, however, not happy with the rowdy nature of the House, cautioning that their actions were unparliamentary, warning that they would refer members to the House Committee on Ethics.
He said members cannot achieve anything by shouting, adding that those who were not in support of referring the matter to the Public Accounts Committee were free to vote against it.
In a voice vote that sounded equal, the House resolved to refer the matter to the Public Accounts Committee, while asking the CBN governor to appear before the committee unfailingly on Tuesday, December 16.
Credit: thenationonlineng.net
