BY BONNY AMADI WITH AGENCY REPORTS
The Nigerian House of Representatives erupted into a rowdy session on Wednesday while lawmakers were debating a motion to summon Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), over the alleged non-remittance of N11 trillion in government revenue.
Chairman of the committee on public accounts, Bamidele Salam, sponsored the motion.
Salam, leading the debate, said the CBN, which plays a statutory role in administering the Remita revenue collection system under the Fiscal Responsibility Act 2007 and other fiscal laws, has failed to account for and remit several categories of federal revenue accrued between 2015 and 2022.
The CBN governor, Olayemi Cardose is expected to appear before the committee on December 16. Lawmakers adopted the motion after over 20 minutes of rowdy debate.
The lawmaker said findings by the public accounts committee during its investigation into the 2022 auditor-general’s report and the management of the Remita platform, covering March 1, 2015, to April 30, 2016, revealed multiple infractions involving the apex bank.
He said the committee discovered that the CBN has an undisputed liability of N5.2 trillion in unpaid operating surpluses owed to the federal government from 2016 to 2022, which remains unremitted.
Salam further said the apex bank collected N954.3 million in charges that were meant to be refunded to the federal government, noting that no refund has been made.
The lawmaker said when interest was computed at the monetary policy rate (MPR) of 27.25 percent, the total sum due for refund rose to N3.28 billion.
He also highlighted a discrepancy in total collections reported by the CBN, noting that while the bank claimed it collected N8.74 billion, the committee’s own computation based on the same data showed N19.83 billion, leaving a difference of N11.1 billion.
He said the committee also uncovered a “migration discrepancy” of N2, 686,325,119,825.10, which is outstanding and payable to the federal government’s asset recovery account.
“Cumulatively, the committee has uncovered that the Central Bank of Nigeria is indebted to the federal government in the sum of over N11 trillion, arising from the foregoing infractions and discrepancies,” Salam said.
He said despite several formal communications to the CBN governor to appear before the committee and remit the outstanding amounts, Cardoso has “failed, refused, or neglected” to honour the invitations.
Salam added that at a time when the nation faces acute revenue shortages, heightened insecurity, and pressing developmental needs, the prompt recovery of all government funds is critical for national stability and economic sustainability.
He prayed the house to summon Cardoso to appear during the plenary to answer questions over the unremitted revenue.
ROWDY SESSION
Tensions in the house began after Ghali Tijjani, the member representing Kano Ajingi/ Albasu/Gaya, proposed that an ad hoc committee be set up to investigate the matter.
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