Senate Moves Against CBN, NNPCL, 40 MDAs Over Unremitted Revenues, Threatens Strong Action

The Nigerian Senate has moved to compel the Central Bank of Nigeria (CBN), Nigerian National Petroleum Company Limited (NNPCL) and about 40 other Ministries, Departments and Agencies (MDAs) to appear before its Committee on Finance over alleged failure to account for public funds and honour legislative invitations.

The decision followed concerns raised during an ongoing investigation into revenue remittances, operating surpluses and compliance with the Fiscal Responsibility Act and other financial regulations governing the management of public resources.

Chairman of the Senate Committee on Finance, Senator Sani Musa, accused several government agencies of frustrating the oversight process by refusing to appear before the committee or provide requested financial records despite repeated invitations.

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According to the senator, some revenue generating agencies had failed to comply with statutory obligations requiring them to remit government revenues into the Consolidated Revenue Fund, alleging that some had retained funds meant for the Federal Government.

Musa said the investigation was aimed at examining internally generated revenue, operating surpluses, statutory remittances and compliance with relevant financial laws, stressing that the National Assembly had constitutional powers to scrutinise the financial activities of public institutions.

He further alleged that some agencies had withheld government funds dating back to 2020, adding that the committee would work with relevant authorities, including the Fiscal Responsibility Commission, to reconcile accounts and recover outstanding revenues where necessary.

The Senate President, Godswill Akpabio, dismissed claims by some agencies that Senate committees lacked the authority to summon them, insisting that the National Assembly had constitutional powers to demand accountability from public institutions.

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Akpabio directed the Finance Committee to present a substantive motion seeking powers to compel the affected agencies to appear before the Senate, warning that continued disregard for legislative invitations could attract constitutional consequences.

Among the agencies listed for summons are the CBN, NNPCL, Federal Airports Authority of Nigeria (FAAN), Nigerian Maritime Administration and Safety Agency (NIMASA), Office of the Accountant General of the Federation, Transmission Company of Nigeria (TCN), Nigerian Electricity Regulatory Commission (NERC), Nigerian Ports Authority (NPA), Joint Admissions and Matriculation Board (JAMB) and the National Examinations Council (NECO).

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Others include petroleum sector regulators, financial institutions and several government-owned enterprises expected to provide details of their revenues, remittances and compliance with financial regulations.

The development comes amid broader concerns within Nigeria’s legislature over revenue leakages, delayed remittances and the need to strengthen accountability in government agencies responsible for generating public income.

The Senate subsequently adopted the motion by voice vote, paving the way for the formal summons of the affected MDAs as lawmakers intensify efforts to ensure transparency and proper management of public funds.

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