Reps give CBN ultimatum over unremitted revenues

The House of Representatives Committee on Public Accounts has issued an ultimatum to the Central Bank of Nigeria (CBN) to conclude an ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremmitted revenues into the Federal Account.

The Chairman of the House Committee on Public Accounts, Rep. Bamidele Salam, gave the directive on Tuesday after the CBN requested more time to appear before the committee following a House resolution summoning the apex bank’s governor.

Salam recalled that the House, at plenary on Wednesday, December 10, 2025, resolved to summon the CBN Governor, Olayemi Cardoso, to appear before the committee to conclude a hearing initiated by a joint sitting of the Committees on Public Accounts and Public Assets.

He said the investigation followed extensive correspondence among 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 Salam, reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit by consultants allegedly showed that the CBN failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.

He added that other findings include alleged outstanding remittances of about N954.3 million following the transition to the Treasury Single Account (TSA), discrepancies of about N11.09 billion, another N2.686 trillion uncovered during the migration of federal government balances, as well as N521.7 million in Value Added Tax (VAT) on remittance transactions.

Salam said the CBN, in a letter dated December 15, 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.

Speaking on 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,” Edun said.

He noted that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clear 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.

Edun also reaffirmed the Federal Government’s respect for the National Assembly and its oversight role.

The committee also heard from members on the need to balance accountability with fair hearing.

Contributing, Rep. Ademorin Kuye, urged the House to allow the CBN additional time to appear, stressing that the reconciliation must be 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,” Kuye said.

He noted that the House was required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties were properly heard.

“The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.

Presenting the position of the Fiscal Responsibility Commission, Mr. Charles Abeta, who led the FRC delegation and represented the Chairman of the Commission, acknowledged longstanding challenges in engagements between the Commission and the CBN.

“The history of engagement between the Commission and the CBN has not always been smooth,” Abeta said.

He, however, welcomed the opportunity provided by the committee to engage constructively on the matter and expressed the Commission’s readiness for dialogue.

“We are very keen on having a sit-down with the CBN to address any outstanding issues relating to remittances and compliance,” he said.

Abeta explained that the Commission’s effectiveness had previously been hampered by weak enforcement powers but noted that recent legal amendments had strengthened its mandate.

He added that while the Commission had historically lacked the capacity to compel compliance from defaulting agencies, the revised legal framework now provided an opportunity for improved enforcement.

The committee subsequently fixed January 19, 2026, as the deadline for submission of reconciliation reports and January 26, 2026, for the personal appearance of the CBN Governor before the committee.

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