Reps Probe CBN, NNPCL Over ₦5.3trn Unpaid Surpluses
The House of Representatives Public Accounts Committee has intensified its probe into unpaid government revenues, directing the Office of the Accountant-General of the Federation (OAGF) to provide detailed records of outstanding operating surpluses allegedly owed by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and other government-owned enterprises.
Lawmakers also raised concerns over reports that the OAGF deducted billions from statutory accounts of agencies such as the Universal Basic Education Commission (UBEC), including a withdrawal of ₦15bn, which they said may have undermined the agencies’ ability to deliver on their mandates.
Committee member Gboyega Isiaka criticised poor remittance compliance, saying, “Business entities are expected to return about 80% of their operating surplus, while others remit between 20 and 50%. From everything we are seeing, there still appears to be a backlog of remittances.”
The OAGF’s Director of Revenue, Makinde Mogaji, disclosed that the CBN owed ₦5.3tn in unremitted operating surplus, noting that repeated efforts to recover the funds had failed. He contrasted this with agencies like FAAN, which remitted ₦473bn.
Accountant-General Shamseldeen Ogunjimi defended the policy of automatic deductions from MDA accounts.
“That was an ingenious way of taking, in advance, what was due to the government, and it helped us generate substantial revenue last year,” he said.
However, Committee Chairman Bamidele Salam cited petitions from UBEC, NASENI, and others alleging that statutory funds were withdrawn without reimbursement.
“UBEC claimed ₦16bn and another ₦15bn were taken from its account without refund. Agencies cannot effectively discharge responsibilities if their statutory funds are diverted,” he said.
Ogunjimi insisted the withdrawals were temporary loans to meet urgent financing needs, citing examples where funds were later refunded, such as ₦300bn from TETFund. But lawmakers questioned whether the practice was legal and sustainable.
The committee directed the OAGF to submit full documentation of outstanding surpluses, deductions, refunds, and balances, as investigations continue into compliance with the Fiscal Responsibility Act and the legality of deductions from statutory agency accounts.