By Oyinkansayo Wole-Bodunde.
A heated debate broke out in the House of Representatives on Tuesday over a shocking. revelation. The Central Bank of Nigeria (CBN) allegedly withheld over ₦5.2 trillion in operating surpluses and is caught up in a ₦11 trillion revenue discrepancy linked to the Remita Revenue Collection System.
The controversy started when Hon. Bamidele Salam presented the Public Accounts Committee’s (PAC) findings, based on the 2022 Auditor-General’s Report, exposing significant financial irregularities from March 2015 to April 2016.
Lawmakers turned the session into a battleground, with Rep. Mustapha Tijjani Ghali creating further tension by suggesting the matter be handed to a special ad-hoc committee instead of PAC.
This move was resisted, led by Ahmed Jaha, who saw it as a plunder to PAC’s constitutional role. Speaker Abbas Tajudeen intervened, warning against disruptions and stating the need for decorum in addressing serious financial issues.
With order restored, the House listed its legal mandate under the Constitution, Fiscal Responsibility Act, and CBN Act to probe the apex bank. Key findings include:₦5.2 trillion in unremitted operating surpluses (2016–2022), An ₦11.09 trillion gap between CBN’s reported and computed collections, A ₦2.686 trillion missing balance from a system migration, with ₦2.329 billion in computed interest, totaling ₦3.283 billion due.
Lawmakers condemned the CBN Governor, Yemi Cardoso’s absence despite invitations, calling the withholding of funds irresponsible amid Nigeria’s revenue crisis. The House resolved to summon Cardoso next Tuesday to explain the discrepancies, reconcile the figures, and outline a plan to remit the funds.
