Reps Order CBN to Remit N3.64tn Surplus to FG in 14 Days
Reps Order CBN to Remit N3.64tn Surplus to FG in 14 Days
The House of Representatives directed Central Bank of Nigeria (CBN) to remit N3.64 trillion to the coffers of the Federal Government within 14 days.
The order, handed down by the Public Accounts Committee (PAC) on Friday, stems from the apex bank’s failure to fully remit its operating surplus for the years 2016 to 2022.
The N3.64 trillion represents 70% of an outstanding N5.2 trillion identified as unpaid surplus owed to the government by the CBN. This came to light during a probing session by a joint panel of the PAC and the Committee on Public Assets, held on Wednesday at the National Assembly.
Deputy Governor of the CBN in charge of Operations, Bala Bello, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, appeared before the lawmakers to defend the apex bank’s financial remittance record.
The session reportedly revealed long-standing discrepancies in remittances, unclaimed dividends, and dormant account balances managed by the CBN.
The lawmakers expressed dissatisfaction with what they described as “deliberate withholding” of public funds, accusing the apex bank of violating provisions of the Fiscal Responsibility Act 2007 and the Finance Act 2020.
In a strongly worded letter jointly signed by the PAC Chairman, Bamidele Salam, and Chairman of the Public Assets Committee, Ademorin Aliyu, and addressed to the CBN Governor, Yemi Cardoso, the lawmakers insisted that the bank comply with fiscal laws and remit the funds without further delay.
Titled “Investigation of Non-Compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the Remittance of Operating Surplus and Management of Unclaimed Dividends and Dormant Account Balances by the Central Bank of Nigeria”, the letter underscored the need for accountability and transparency in the management of public funds.
This development adds to growing pressure on the CBN under Cardoso’s leadership to demonstrate adherence to statutory obligations and rebuild public trust in the institution’s fiscal stewardship.
The next two weeks will be critical in determining whether the apex bank will act on the directive or risk further legislative action.
