Nigerian Lawmakers Summon CBN Governor Over ₦16 Trillion Revenue Dispute

Nigerian Lawmakers Summon CBN Governor Over ₦16 Trillion Revenue Dispute

The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to appear before the Public Accounts Committee (PAC) over allegations of non-remittance of over ₦16 trillion in government revenues. The move follows a motion sponsored by Osun lawmaker and Chairman of the PAC, Bamidele Salam, who urged the House to invite the CBN governor to provide explanations and present actionable measures for the immediate payment of all outstanding debts owed to the Federal Government .

The dispute centers on the CBN’s alleged failure to remit over ₦5 trillion in operating surplus and ₦11 trillion in government revenue. According to Salam, the CBN has failed, refused, or neglected to honor invitations or effect the required remittances as directed by the committee. The PAC has discovered a CBN liability of ₦5.2 trillion in unpaid operating surpluses for 2016-2022 that has remained unremitted to date .

The PAC’s investigation into the Auditor-General’s Report for the 2022 financial year and the administration of the Remita Revenue Collection System by the CBN revealed discrepancies in charges collected through the Remita platform. The committee found that the CBN collected ₦954 million but refunded ₦0, leaving a difference of ₦954 million. With interest computed at a monetary policy rate of 27.25%, the total amount due for refund is ₦3,283,330,305.05.

The dispute highlights the need for transparency and accountability in the management of public funds. The PAC’s investigation aims to strengthen financial discipline, recover public funds, and ensure that agencies adhere strictly to statutory remittance obligations. The outcome of the investigation is expected to have significant implications for the nation’s economic managers and the management of public funds .

The CBN governor is expected to appear before the PAC to provide explanations and present actionable measures for the immediate payment of all outstanding debts owed to the Federal Government. The House of Representatives has directed the CBN governor to appear before the PAC unfailingly.