Reps In Uproar Over Alleged Non-Remittance Of N16trn By CBN•••Lawmakers Summon Cardoso To Appear Before PAC Over Surplus, Revenue Gaps
•By Admin
ABUJA – THE House of Representatives descended into chaos on Wednesday after startling revelations that the Central Bank of Nigeria (CBN) had allegedly failed to remit more than ₦5.2 trillion in operating surplus and over ₦11 trillion generated through the Remita payment platform.
The uproar followed a motion presented by Hon. Bamidele Salam, Chairman of the Public Accounts Committee (PAC), who briefed lawmakers on the committee’s findings from its ongoing review of the Auditor-General’s 2022 report and the management of Remita revenue collections between March 1, 2015, and April 30, 2016.
Salam informed the chamber that the investigations had uncovered “serious, disturbing, and unchallenged financial inconsistencies” linked to the apex bank.
According to him, the CBN is owing ₦5.2 trillion in unremitted operating surplus for the years 2016 to 2022. He added that the bank also collected ₦954.3 million in charges meant to be refunded but had yet to return any part of the amount. With interest calculated at the Monetary Policy Rate of 27.25%, he said the refund now stands at ₦3.28 billion.
The PAC chairman went on to highlight a huge discrepancy between figures submitted by the CBN and the committee’s own computation.
“The CBN reported that its total Remita collections amounted to ₦8.7 billion,” Salam said. “But based on the data they themselves presented to us, our analysis showed ₦19.8 billion. That leaves a gap of ₦11.09 trillion. These numbers are not in dispute.”
He urged the House to take firm action, citing the constitutional backing of PAC under Sections 85(5), 88, and 89 of the 1999 Constitution.
His revelations triggered heated arguments across the chamber, with lawmakers split on how to advance the investigation.
A number of members demanded the immediate summons of the CBN Governor, accusing the bank of repeatedly shunning PAC invitations.
Hon. Sada Soli (Katsina) condemned the pattern, saying, “This degree of non-compliance is unacceptable to this Parliament and to Nigerians. A committee of this House cannot be disregarded on an issue involving trillions of naira.”
Supporting that stance, Hon. Ahmadu Jaha (APC, Borno), representing Damboa/Gwoza/Chibok, said:
“The CBN Governor has failed to honour PAC’s invitations several times. That is a direct challenge to the Constitution. If we allow this, we weaken the authority of parliamentary oversight.”
However, a different group of legislators opposed moves to expand or transfer the probe, warning that creating additional committees would erode PAC’s constitutionally assigned role.
One lawmaker cautioned:
“We must not derail a committee that has already made significant progress. Undermining PAC today puts every other committee at risk tomorrow.”
The argument quickly degenerated into shouting bouts, disorderly conduct, and competing points of order. The noise level forced Speaker Rt. Hon. Tajudeen Abbas to call for order repeatedly.
“Honourable colleagues, we must not allow emotions to overshadow the weight of this matter,” the Speaker cautioned. “We must conduct ourselves responsibly. This issue goes to the heart of the nation’s financial credibility.”
Abbas revealed that the House leadership had earlier explored the idea of forming a special ad hoc committee comprising PAC and other finance-related committees. That proposal, however, was rejected on the grounds that it would dilute PAC’s constitutional mandate.
After lengthy exchanges, the idea of a joint committee was formally abandoned.
Hon. Ahmed Jaha thereafter proposed an amendment reaffirming PAC as the sole committee authorized to lead the investigation.
“PAC remains the guardian of financial accountability in this Parliament,” he argued. “We cannot weaken its authority. The CBN Governor must appear before PAC, without exception.”
The amendment was seconded and approved through a voice vote, even as some lawmakers objected.
With the decision, the House formally summoned the CBN Governor, Olayemi Cardoso, to appear before the Public Accounts Committee to answer for the alleged non-remittances, revenue discrepancies, and unaccounted funds.
Issuing a final caution, the Speaker declared, “Let it be known: if the CBN fails to honour this summons, the House will not hesitate to invoke its full constitutional powers to enforce compliance.”
•INDEPENDENTNG.