Reps Probe CBN, NNPCL Over Alleged Trillions in Unremitted Revenue

• The House of Representatives has intensified its investigation into federal revenue remittances.

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.

The committee also demanded explanations over allegations that the OAGF deducted billions of naira from the statutory accounts of several Ministries, Departments and Agencies (MDAs), including a reported N15 billion withdrawal from the Universal Basic Education Commission (UBEC).

The directives were issued during an investigative hearing at the National Assembly on Tuesday, where the Accountant-General of the Federation, Shamseldeen Ogunjimi, appeared alongside senior Treasury officials.

The hearing is part of the committee’s ongoing oversight of public finances and compliance with the Fiscal Responsibility Act, which requires government-owned enterprises to remit a percentage of their operating surplus to the Consolidated Revenue Fund.

During the session, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN allegedly owes the Federal Government N5.3 trillion in unremitted operating surplus.

According to him, previous attempts by the Public Accounts Committee to recover the funds have been unsuccessful.

He noted that while agencies such as the Federal Airports Authority of Nigeria (FAAN) had remitted significant amounts, the CBN had yet to remit the required portion of its operating surplus.

The hearing also focused on the OAGF’s policy of automatically deducting funds from MDA accounts in advance of year-end reconciliations.

Defending the policy, Accountant-General Ogunjimi said the deductions were introduced to improve government revenue collection and meet urgent financial obligations.

He explained that the funds were treated as temporary loans and were refunded when the affected agencies required them for approved projects.

According to Ogunjimi, more than N300 billion borrowed from the Tertiary Education Trust Fund (TETFund) had already been fully refunded.

However, members of the committee questioned the legality of the deductions, citing complaints from agencies including UBEC, the National Agency for Science and Engineering Infrastructure (NASENI) and the National Broadcasting Commission (NBC), which alleged that the withdrawals had disrupted their statutory responsibilities.

Committee Chairman Bamidele Salam expressed concern that diverting funds appropriated for critical sectors such as education could undermine service delivery, particularly in tackling challenges like Nigeria’s high number of out-of-school children.

At the end of the hearing, the committee directed the OAGF to submit comprehensive records of outstanding operating surplus owed by the CBN, NNPCL and other government-owned enterprises, as well as documentation detailing deductions from MDA accounts, refunds already made and outstanding balances.

The investigation is expected to continue in the coming weeks as lawmakers seek to determine compliance with the Fiscal Responsibility Act, recover outstanding government revenue and establish whether the deductions were carried out in accordance with the law.