Non-remittance: CBN gets Jan 19 to reconcile with Finance Ministry, FRC

The House of Representatives Committee on Public Accounts has given the Central Bank of Nigeria (CBN) till January 19, 2026 to conclude all ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremitted revenues into the Federal government Account.

Chairman of the Committee, Bamidele Salam, gave the directives yesterday following a request by the CBN for more time to appear before the committee following a House resolution summoning the apex bank governor.

Salam recalled a December 10 resolution of the House at plenary directing the CBN Governor to appear before the committee following a motion indicating the CBN governor of failure to honour several invitations.

He said the investigation followed extensive correspondence between the National Assembly, the CBN, the Ministry of Finance and other relevant agencies over alleged violations of the 1999 Constitution and the Fiscal Responsibility Act.

 Salam said reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit by consultants allegedly showed that the CBN failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.

He added that other findings include alleged outstanding remittances of about N954.3 million following the transition to the Treasury Single Account (TSA), discrepancies of about N11.09 billion, another N2.686 trillion uncovered during the migration of Federal Government balances, as well as N521.7 million in Value Added Tax (VAT) on remittance transactions.

Salam said the CBN, in a letter dated Dec. 15, 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.

Speaking on the reconciliation process, Minister of Finance and Coordinating Minister of the Economy, Wale Edun said federal government revenue was central to governance, budgeting and public investment.

 “Federal government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” he said, adding that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clear framework and timeline.

“We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.

Edun also reaffirmed the government’s respect for the National Assembly and its oversight role.

Chairman of the House Committee on Public Assets, Ademorin Kuye pleaded with the committee to allow the CBN additional time to appear, stressing that the reconciliation must be concluded within a defined timeframe.

“We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Kuye said.

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He said the House was required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties were properly heard.

“The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.

Representative of Fiscal Responsibility Commission, Charles Abeta acknowledged longstanding challenges in engagements between the Commission and the CBN, saying “the history of engagement between the Commission and the CBN has not always been smooth”

He welcomed the opportunity provided by the committee to engage constructively on the matter and expressed the Commission’s readiness for dialogue.

“We are very keen on having a sit-down with the CBN to address any outstanding issues relating to remittances and compliance,” he said.

Abeta said the Commission’s effectiveness had previously been hampered by weak enforcement powers but noted that recent legal amendments had strengthened its mandate.

“With the amendment to the Fiscal Responsibility Act through the Finance Act 2020, particularly the provisions empowering the Minister of Finance to enforce remittances directly from source, there is now a clearer enforcement window,” he said.

He added that while the Commission had historically lacked the capacity to compel compliance from defaulting agencies, the revised legal framework now provided an opportunity for improved enforcement.

“This reconciliation process gives the committee a basis to issue clear directives and ensure compliance going forward,” Abeta said.

The committee subsequently fixed Jan. 19, 2026, as the deadline for submission of reconciliation reports and Jan. 26, 2026, for the personal appearance of the CBN Governor before the committee.

Salam said the final hearing would hold on Monday, Jan. 26, 2026, at 10 a.m., after which the committee would present its findings and recommendations to the House plenary.