Reps Probe CBN, NNPCL Over ₦5.3tn Unremitted Surplus

The House of Representatives Public Accounts Committee has intensified its investigation into revenue remittances by federal agencies, directing the Office of the Accountant-General of the Federation (OAGF) to provide detailed records of outstanding operating surplus allegedly owed by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and other government-owned enterprises.

During an investigative hearing at the National Assembly on Tuesday, lawmakers raised concerns over allegations that the OAGF deducted billions from the statutory accounts of Ministries, Departments and Agencies (MDAs), including ₦15bn from the Universal Basic Education Commission (UBEC).

Legislators warned that such withdrawals may have undermined the agencies’ ability to fulfill their mandates.Committee member Gboyega Isiaka criticized Nigeria’s weak revenue performance, noting that poor compliance with remittance rules continues to erode fiscal stability.

“It is not enough to say agencies remitted 80 per cent of their surpluses. What exactly is the surplus they are declaring? We need to examine that against the assets under their control,” he said.

Responding, the OAGF’s Director of Revenue and Investment, Makinde Mogaji, revealed that the CBN owed the Federal Government ₦5.3tn in unremitted operating surplus, despite repeated efforts to recover the funds.

In contrast, he noted, the Federal Airports Authority of Nigeria (FAAN) had remitted ₦473bn.

Accountant-General Shamseldeen Ogunjimi defended the controversial policy of automatic deductions from MDA accounts, describing it as an “ingenious way” to boost government revenue.

He admitted, however, that resistance from agencies and subsequent reversals had weakened collections.Committee Chairman Bamidele Salam rejected Ogunjimi’s explanation, citing petitions from UBEC, NASENI, and other agencies alleging that statutory funds were withdrawn without reimbursement.

“UBEC is expected to build schools and provide infrastructure. It cannot discharge those responsibilities if its funds are diverted,” Salam said, warning of dire consequences for Nigeria’s 13.5 million out-of-school children.

The committee has now directed the OAGF to submit comprehensive documentation of outstanding surpluses, deductions, refunds, and balances.

The investigation will continue in the coming weeks as lawmakers seek to enforce compliance with the Fiscal Responsibility Act and recover revenues due to the Federal Government.

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