The House of Representatives has commenced an investigation into alleged non-remittance of trillions of naira in operating surplus by major government agencies, including the Central Bank of Nigeria (CBN) and the Nigeria National Petroleum Company Limited (NNPCL).
The House Public Accounts Committee (PAC), during an investigative hearing on Monday, directed the Office of the Accountant General of the Federation (OAGF) to submit detailed records of outstanding revenues owed to the Federal Government by revenue-generating agencies.
The committee’s directive followed revelations by the OAGF that the CBN was allegedly indebted to the Federal Government to the tune of N5.3 trillion in unremitted operating surplus.
The Director of Revenue and Investment at the OAGF, Makinde Mogaji, told lawmakers that efforts to recover the funds had not yielded results despite previous interventions by the committee.
“Early last year, CBN was owing the Federal Government N5.3 trillion for operating surplus. Despite the efforts of PAC to recover the money, they refused to pay,” Mogaji said.
He added that other agencies, including the Federal Airports Authority of Nigeria (FAAN), had remitted significant sums, with FAAN reportedly paying N473 billion.
The development came as lawmakers raised concerns over the revenue performance of government-owned institutions, questioning whether agencies with huge asset bases were remitting appropriate amounts to government coffers.
A member of the committee, Hon. Gboyega Nasir Isiaka, expressed concern over persistent revenue leakages, noting that Nigeria’s revenue-to-GDP ratio remained among the lowest on the continent.
He questioned the level of compliance by agencies such as the CBN, Securities and Exchange Commission (SEC), and the Nigerian Maritime Administration and Safety Agency (NIMASA), stressing the need for transparency in determining the actual surpluses generated by such institutions.
Meanwhile, the committee also grilled the Accountant General of the Federation, Shamseldeen Babatunde Ogunjimi, over alleged deductions from the accounts of government agencies, including the Universal Basic Education Commission (UBEC).
The PAC Chairman, Hon. Bamidele Salam, said several agencies had complained that funds meant for their statutory responsibilities were deducted by the OAGF without adequate justification.
He cited UBEC’s claim that N15 billion was withdrawn from its account and had not been refunded, alongside another N16 billion expenditure authorization issue.
Salam also mentioned similar complaints from agencies such as NASENI and the National Broadcasting Commission (NBC), warning that such deductions could affect the ability of critical institutions to deliver on their mandates.
“The agencies are crying because they cannot access funds meant for their statutory responsibilities. UBEC, for instance, has the responsibility of providing basic education infrastructure, yet funds meant for that purpose are being taken for other government obligations,” he said.
Responding, the Accountant General defended the deductions, describing them as temporary measures taken to address urgent government financial needs.
According to him, the funds were only accessed after reviewing how long they had remained unused in agency accounts and were treated as advances that would be refunded.
He cited the case of the Tertiary Education Trust Fund (TETFund), saying the OAGF had borrowed more than N300 billion from the agency and had fully refunded the money.
However, the committee chairman rejected the explanation, insisting that agencies with statutory mandates should not have their funds diverted, especially when such actions could undermine critical national programmes.
The committee resolved to obtain comprehensive details of all deductions, refunds, and outstanding operating surpluses owed by agencies to determine compliance and ensure accountability in public finance management.
