The Senate has initiated formal proceedings to compel the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and over 40 other Ministries, Departments, and Agencies (MDA’s) to appear before its Committee on Finance following alleged failures to account for public funds and comply with legal revenue remittance mandates.
The action follows a motion presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa, who highlighted a pattern of systemic non-compliance. According to the committee, numerous revenue-generating institutions have repeatedly ignored invitations and requests for financial records, obstructing the National Assembly’s constitutional oversight mandate.
Key Highlights of the Senate’s Decision:
Violations of Fiscal Regulations: Preliminary committee findings indicate that several key agencies have failed to comply with the Fiscal Responsibility Act and the Finance Act 2022. Agencies stand accused of retaining significant portions of internally generated revenues, operating surpluses, and public funds—dating as far back as 2020 rather than fully remitting them to the Consolidated Revenue Fund and the Federation Account.
Mandatory Scrutiny and Reconciliation: The Senate Committee on Finance will conduct investigative hearings alongside the Fiscal Responsibility Commission to reconcile outstanding accounts. Defaulting agencies will be required to refund unremitted government revenues immediately.
Constitutional Authority Mandate: Senate President Godswill Akpabio firmly rejected claims by any MDA questioning the legislature’s jurisdiction, re-affirming that Sections 88 and 89 of the Constitution vest explicit investigative powers in the National Assembly.
Imminent Sanctions: The Senate leadership has directed the Committee on Finance to draft a substantive motion formally compelling attendance. Non-compliant agencies were warned that failure to appear will result in the direct invocation of constitutional sanctions.
The mandated appearances encompass major revenue, regulatory, financial, and transport institutions. In addition to the CBN and NNPCL (including NNPCL Retail Limited), the list includes:
Maritime & Aviation Sector: FAAN, NCAA, NIMASA, Nigerian Ports Authority (NPA), NIWA, Nigerian Shippers’ Council, NiMet.
Finance & Commerce: Office of the Accountant-General of the Federation, NDIC, NEXIM Bank, NEPC, FMBN, NAIC, SMEDAN, NAICOM, NCX, SON.
Energy & Petroleum Regulators: NERC, TCN, NUPRC, NMDPRA.
Education, Communications & Others: JAMB, NECO, NIGCOMSAT, NEPZA, NSITF, NOSDRA, Nigerian Railway Corporation.
The motion was overwhelmingly adopted by voice vote. Official summons will be issued shortly as the Senate intensifies its campaign to enforce fiscal discipline, protect public revenues, and ensure transparency across government institutions.
