The House of Representatives Committee on Public Accounts has set 19th January 2026 as the deadline for the Central Bank of Nigeria (CBN) to conclude its ongoing reconciliation with the Federal Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremitted revenues worth N50.2 trillion into the Federation Account.
Chairman of the Committee, Rep. Bamidele Salam, issued the directive on Tuesday after the CBN requested additional time to appear before the committee following a House resolution summoning the apex bank’s governor.
Rep. Salam recalled that the House, at plenary on Wednesday, 10th December 2025, had resolved to summon the CBN Governor to appear before the committee to conclude a hearing initiated by a joint sitting of the Committees on Public Accounts and Public Assets.
He explained that the investigation followed extensive correspondence between the National Assembly, CBN, the Federal Ministry of Finance, and other relevant agencies over alleged violations of the 1999 Constitution and the Fiscal Responsibility Act.
According to him, reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation, and a special audit by consultants allegedly showed that the CBN failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.
He added that other findings include alleged outstanding remittances of about N954.3 million following the transition to the Treasury Single Account (TSA); discrepancies of about N11.09 billion; another N2.686 trillion uncovered during the migration of Federal Government balances; as well as N521.7 million in Value Added Tax (VAT) on remittance transactions.
Rep. Salam said the CBN, in a letter dated 15th December 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.
Speaking on the reconciliation process, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described Federal Government revenue as central to governance, budgeting, and public investment.
“Federal Government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” he said.
Mr. Edun noted that reconciliation between fiscal and monetary authorities is a continuous process but acknowledged the need for a clear framework and timeline.
“We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.
The Minister also reaffirmed the Federal Government’s respect for the National Assembly and its oversight role.
In his intervention, Hon. Ademorin Kuye urged the House to allow the CBN additional time to appear, stressing that the reconciliation must be concluded within a defined timeframe.
“We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Kuye said.
He noted that the House is required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties are properly heard.
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“The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.
Speaking on behalf of the Chairman of the Fiscal Responsibility Commission (FRC), Mr. Charles Abeta acknowledged longstanding challenges in engagements between the Commission and the CBN.
“The history of engagement between the Commission and the CBN has not always been smooth,” he said.
He, however, welcomed the opportunity provided by the Committee to engage constructively on the matter and expressed the Commission’s readiness for dialogue.
“We are very keen on having a sit-down with the CBN to address any outstanding issues relating to remittances and compliance,” he said.
Mr. Abeta explained that the Commission’s effectiveness had previously been hampered by weak enforcement powers but noted that recent legal amendments had strengthened its mandate.
“With the amendment to the Fiscal Responsibility Act through the Finance Act 2020, particularly the provisions empowering the Minister of Finance to enforce remittances directly from source, there is now a clearer enforcement window,” he said.
He added that while the Commission had historically lacked the capacity to compel compliance from defaulting agencies, the revised legal framework now provides an opportunity for improved enforcement.
“This reconciliation process gives the committee a basis to issue clear directives and ensure compliance going forward,” Abeta said.
The committee subsequently set 19th January 2026 as the deadline for submission of reconciliation reports and 26th January 2026 for the personal appearance of the CBN Governor before the committee at 10 a.m., after which the committee will present its findings and recommendations to the House plenary.
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