14.7.2026
Nigeria’s House of Representatives continues to beam its searchlight on remittances made by Federal agencies.
The House of Reps Public Accounts Committee at an investigative hearing Tuesday, urged the accountant Accountant-General of the Federation to submit to it, a detailed account of outstanding operating surplus and other revenues, which have not been remitted by the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited and other government-owned enterprises to Federal government account.
AGF, Shamseldeen Ogunjimi, appeared alongside senior officials of the Treasury.
This followed allegations the Office of the Accountant General of the Federation deducted funds from the statutory accounts of several Ministries, Departments and Agencies, including the reported withdrawal of N15bn from the Universal Basic Education Commission, raising concerns that the practice may have hampered the agencies’ ability to carry out their statutory mandates.
A member of the committee, Gboyega Isiaka, expressed concern over Nigeria’s weak revenue performance, arguing that poor remittance compliance continued to undermine the country’s fiscal position.
“From everything we are seeing, there still appears to be a backlog of remittances. Can you provide some figures? Beyond that, as a member of the economic management team, how satisfied are you with the performance of agencies such as the CBN, SEC, NIMASA and others, considering the scale of assets they manage?
“It is not enough to say they remitted 80 per cent of their surpluses. What exactly is the surplus they are declaring? We need to examine that against the assets under their control, as well as the revenues they ought to have paid but have not,” Hon Isiaka stated.
Responding, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN allegedly owed the Federal Government N5.3tn in unremitted operating surplus.
“Early last year, the CBN was owing the Federal Government N5.3tn as operating surplus. Despite the efforts of the Public Accounts Committee to recover the money, it has not been paid.
“Seventy per cent of that amount ought to have been remitted, but the CBN refused to pay. That is just one of our major sources of revenue. In contrast, an agency like FAAN has remitted N473bn,” he said.