The House of Representatives has summoned Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) and other relevant agencies to appear before its Public Accounts Committee Tuesday, December 16, to explain the non-remittance of over N5 trillion operating surplus and N11 trillion government revenue.
This is sequel to a motion moved by Bamidele Salam, chairman of the Public Accounts Committee during plenary on Wednesday.
Bamidele, informed that the Public Accounts Committee launched an investigation into the Auditor General’s Report of 2022 financial year and the administration of the Remita Revenue Collection System by the CBN, covering the period from 1 March 2015 to 30 April 2016, the Committee and uncovered the following:
The CBN undisputed liability of ₦5.2 trillion, in unpaid operating surpluses due to the federal government of Nigeria due for the years ended 2016 to 2022, which has remained unremitted to date;
Refunds of Collected Charges by the Central Bank of Nigeria: Amount Collected by the Central Bank of Nigeria ₦954,302,576.67; Amount Refunded by the Central Bank of Nigeria ₦0.00320; Difference/Variation ₦954,302,576.67; Computed Interest at Monetary Policy Rate (MPR) of 27.25%: ₦2,329,027,728.92; Total Amount Due for Refund ₦3,283,330,305.05; Discrepancy in Total Collections Claimed by the Central Bank of Nigeria(a) CBN Claim of Total Collections (as per data submitted): ₦8,736,481,203.58; PAC-Computed Central Bank of Nigeria Collections (from same data): ₦19,834,886,731.77, Difference/Variation: ₦11,098,385,528.19 Missing Balance Take-On on Central Bank of Nigeria Core System.
He also revealed the discovery of a migration discrepancy amounting to ₦2,686,325,119,825.10 being outstanding and payable to the Federal Government’s Assets Recovery Account.
Bamidele decried that despite several formal communications and invitations extended to the CBN governor by the Public Accounts Committee to appear, provide explanations, and remit the outstanding amounts into designated Government accounts, the Central Bank of Nigeria has failed, refused, or neglected to honour the invitations or effect the required remittances as directed by the Committee.
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He regretted that the action is coming at a time when the nation is confronted with acute revenue shortages, heightened insecurity, and pressing developmental needs, noting that the prompt recovery of all Government funds is critical for national stability and economic sustainability.
The House adopted the motion and resolved to summon the CBN governor, to appear before the House of Representatives on Tuesday, 16 December 2025, at 11:00 a.m. to explain the non-remittance of the identified government revenues and present concrete plan for immediate payment of all outstanding amounts into the designated federal government accounts.
