A dramatic session unfolded at the House of Representatives on Tuesday as lawmakers clashed over revelations that the Central Bank of Nigeria (CBN) allegedly failed to remit more than N5.2 trillion in operating surpluses.
The apex bank was also implicated in over N11 trillion in revenue discrepancies uncovered in the administration of the Remita Revenue Collection System.
The uproar began shortly after Bamidele Salam presented the findings of the Public Accounts Committee (PAC), detailing a litany of financial infractions by the apex bank.
PAC’s investigation, anchored on the Auditor-General’s Report for 2022 and covering the period between March 1, 2015 and April 30, 2016, uncovered shortfalls, unexplained variances, and missing balances amounting to trillions of naira.
Tension heightened when a Rep., Mustapha Tijjani Ghali, rose to propose that the entire matter be withdrawn from the Public Accounts Committee and referred instead to a special ad hoc committee.
Ghali argued that the scale of the alleged infractions, the sensitivity of the CBN, and the magnitude of unremitted funds justified a broader, House-wide investigative approach.
The proposal by the Kano-born lawmaker instantly triggered loud objections from several members, spearheaded by Ahmed Jaha, who interpreted the move as an attempt to undermine PAC’s constitutional mandate and derail an investigation already at an advanced stage.
The chamber subsequently erupted into shouting, counter-shouts, and heated exchanges, bringing proceedings to a halt. For more than 15 minutes, the House degenerated into chaos as lawmakers gesticulated, shouted and struggled to out-voice one another.
Order was eventually restored after the Speaker, Abbas Tajudeen, who presided over the sitting, intervened firmly. Rising with visible irritation, the Speaker, swearing in Allah’s name, warned that he would come down hard on any member who persisted in disruptive behaviour or attempted to plunge the chamber into disorder.
The Speaker’s stern rebuke calmed the atmosphere, and deliberations resumed.
With order restored, lawmakers turned to the substance of the matter. They noted that the 1999 Constitution (Sections 85(5), 88 and 89), the Fiscal Responsibility Act, 2007, the CBN Act, 2007, the Finance Act, 2020, and the Standing Orders of the House empower the Public Accounts Committee to scrutinise public revenue management and investigate infractions across federal institutions.
PAC’s examination revealed an Unremitted Operating Surplus amounting to N5.2 trillion. The CBN is liable for N5.2 trillion in unpaid operating surpluses due to the Federal Government for the years 2016–2022.
PAC discovered a missing balance take-on during the CBN’s internal core banking system migration, amounting to N2.686 trillion. At the Monetary Policy Rate (MPR) of 27.25 per cent, PAC computed an accrued interest of N2.329 billion, bringing the total amount due for refund to N3.283 billion.
Lawmakers expressed deep concern that, despite numerous invitations, the CBN Governor, Mr Yemi Cardoso, and senior management had failed to appear before the committee or remit the outstanding funds.
They warned that withholding government revenues at a time when Nigeria faces severe revenue shortages, rising security challenges, and urgent developmental pressures was irresponsible and threatened national economic stability. At the end of deliberations, the House, by voice votes, resolved to summon the CBN Governor to appear before the House on Tuesday next week.
