The House of Representatives has directed the Central Bank of Nigeria (CBN) to finalise reconciliation of about ₦5.2 trillion in unremitted operating surplus following concerns over fiscal accountability and transparency.
The Public Accounts Committee (PAC) issued the directive after receiving a letter from the CBN asking for more time to appear before the committee and provide documents related to the unremitted funds. PAC Chairman Bamidele Salam stressed that the matter forms part of a broader inquiry into alleged breaches of the 1999 Constitution and the Fiscal Responsibility Act, triggered by audit reports outlining the failure of the apex bank to remit statutory revenues to the federal government.
According to the audit findings, the CBN did not remit approximately ₦5.2tn in operating surplus to the Consolidated Revenue Fund between 2015 and 2022, as required by law. The reviews also flagged additional discrepancies, including unexplained balances and variations uncovered during financial system migrations.
Lawmakers expressed concern that delays in remitting these funds weaken fiscal planning and impact national budgeting. The committee also highlighted outstanding issues such as variations of nearly ₦11.09bn and other unsettled amounts related to value‑added tax on remitted transactions.
In response, PAC set January 19, 2026, as the deadline for the CBN to submit reconciled reports, while requiring Governor Olayemi Cardoso to appear before the joint committee by January 26, 2026 to defend the submissions and provide clarifications.
The Minister of Finance, Wale Edun, also emphasised the importance of revenue integrity for economic planning and investor confidence, underscoring that clarity in fiscal and monetary management is crucial for national development.
Lawmakers warned that failure to meet the set timelines could trigger further legislative actions to enforce compliance.
