House of Representatives Summons CBN Governor Over ₦16tn Alleged Revenue Shortfall
A heated debate erupted on the floor of the House of Representatives on Wednesday as lawmakers clashed over which committee should question Central Bank of Nigeria (CBN) Governor Olayemi Cardoso regarding the alleged non-remittance of more than ₦16tn in government revenue.
The uproar followed the adoption of a motion titled “Non-remittance of over ₦5tn operating surplus and ₦11tn government revenue by the Central Bank of Nigeria”, sponsored by Osun lawmaker Bamidele Salam, Chairman of the Public Accounts Committee (PAC). Salam called on the House to summon the CBN governor to provide explanations and present actionable measures for the immediate payment of outstanding funds owed to the Federal Government.
Kano lawmaker Ghali Tijani proposed an amendment to create an ad-hoc committee to handle the issue, supported by Mark Esset of Akwa Ibom. The suggestion, however, faced strong opposition, particularly from Ahmed Jaha (APC, Borno), who insisted that the matter rightfully belongs to PAC, which has been investigating financial irregularities for the past two years.
“The integrity of this institution cannot be compromised, regardless of the influence of an agency head,” Jaha said. “Chairman Salam and his committee are fully capable of handling this responsibility. We must strengthen, not undermine, the committee’s authority.”
Jaha further urged the House to issue a firm directive compelling the CBN to appear before PAC. “Let there be a resolution on the floor of this House forcing the agency to appear, whether they like it or not,” he said.
Sada Soli (Katsina) also defended PAC, noting that it is constitutionally empowered to handle such matters. He emphasized that the House should directly summon Cardoso rather than merely invite him, citing his past refusals to honor committee invitations.
A proposal by Lagos lawmaker Babajimi Benson to create a multi-committee ad-hoc panel comprising Finance, Banking Regulation, and PAC was rejected. Tijani eventually withdrew his amendment, and the House adopted a resolution summoning the CBN governor and relevant agencies to appear before PAC without fail.
During the debate, Salam briefed lawmakers on PAC’s findings from its review of the Auditor-General’s 2022 financial report and the administration of the Remita Revenue Collection System by the CBN from March 2015 to April 2016. He reported an outstanding CBN liability of ₦5.2tn in unpaid operating surpluses for 2016–2022.
Salam also highlighted discrepancies in charges collected through Remita, noting that ₦954m had been collected but not refunded, with accrued interest totaling over ₦3.2bn. Furthermore, migration discrepancies amounting to ₦2.69tn remain unpaid to the Federal Government’s Assets Recovery Account. Overall, PAC concluded that the CBN owes the Federal Government over ₦11tn due to multiple infractions and unexplained variances.
Salam expressed frustration at the governor’s repeated failure to appear before PAC. “Despite several formal communications, the CBN has consistently refused or neglected to honor invitations and remit funds as directed by the committee,” he said.
The Public Accounts Committee, established by the Nigerian Constitution, is tasked with examining Auditor-General reports and ensuring accountability in public fund management. In the 10th Assembly, PAC has intensified scrutiny of key revenue-generating institutions, aiming to close gaps, recover public funds, and enforce strict adherence to statutory remittance obligations, particularly by the CBN.
