The House of Representatives has formally resolved to summon the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to appear before its Public Accounts Committee (PAC) to address the alleged non-remittance of over N16 trillion in government revenues.
The summons follows a report and motion raised by the Chairman of the Public Accounts Committee, Hon. Bamidele Salam. The committee’s findings allege massive discrepancies and violations of fiscal laws by the CBN over several years.
The committee is probing a total of N16.3 trillion, which breaks down into two main components covering the period from 2016 to 2022:
- N5.2 trillion in alleged unremitted operating surpluses due to the Federal Government.
- Over N11.09 trillion in other government revenue discrepancies, including issues related to the CBN’s management of the Remita revenue collection system.
The committee has repeatedly invited the CBN to clarify these discrepancies, as noted in the Auditor-General’s reports, but the apex bank allegedly failed to honor the invitations.
The House adopted a motion to formally summon Governor Cardoso to appear before the PAC. The purpose is to provide explanations for the persistent non-remittance and present a clear plan for the immediate payment of all outstanding revenues into the designated government accounts.
It is important to note that the House had previously issued a directive to the CBN to remit N3.64 trillion, representing 70% of the alleged N5.2 trillion outstanding operating surplus for 2016 to 2022. This directive was given pending the final reconciliation of figures.
