The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged non-remittance of ₦16 trillion in federal revenues.
According to the lawmakers, the figure includes as “more than five trillion naira operating surplus and eleven trillion naira revenue” that have yet to be deposited into government coffers.
The decision followed a motion moved by the Chairman of the Public Accounts Committee, Bamidele Salam.
Lawmakers raised concerns over funds collected through the Remita Revenue Collection System between March 2015 and April 2016, which were allegedly not transferred to the treasury by the CBN.
These concerns were highlighted in the Auditor-General of the Federation’s 2022 report, which also flagged financial irregularities across several government agencies.
The session witnessed a brief disagreement among lawmakers on whether the matter should be referred to an ad-hoc committee or remain with the Public Accounts Committee.
The debate reflected the political sensitivity of compelling the CBN Governor to account publicly for such a huge sum.
Ultimately, the House resolved that the Public Accounts Committee would continue the investigation, paving the way for Cardoso’s appearance before the committee in the coming days.
In November, the Socio-Economic Rights and Accountability Project (SERAP) demanded that the CBN Governor urgently account for what it described as “missing or diverted N3tn of public funds” highlighted in the Auditor-General’s report.
SERAP warned that the issues raised constitute “grave violations of public trust, the Nigerian Constitution, the CBN Act, and global anti-corruption standards.”
The organization tasked the CBN with ensuring full recovery of the allegedly missing funds, their immediate return to the treasury, and identifying those responsible.
Moreover, SERAP called for the referral of any implicated individuals to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.