Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The House of Representatives Public Accounts Committee has intensified its investigation into the remittance of government revenues, directing the Office of the Accountant-General of the Federation to provide a comprehensive account of outstanding operating surpluses and other revenues allegedly owed to the Federal Government by the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited, and several other government-owned enterprises. The committee, chaired by Hon. Bamidele Salam, issued the directives during an investigative hearing on Tuesday, July 14, 2026, at the National Assembly, where the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, appeared alongside senior Treasury officials to defend audit queries from the Office of the Auditor-General for the Federation.
The investigation is aimed at strengthening transparency, accountability, and compliance with existing financial regulations governing revenue remittances by federal agencies, particularly the Fiscal Responsibility Act, which mandates government-owned enterprises to remit a prescribed percentage of their operating surplus to the Consolidated Revenue Fund. Lawmakers expressed concern over the alleged outstanding revenues, stressing that all government-owned enterprises must fully comply with statutory obligations to ensure adequate funding for national development and improve public financial management. A member of the committee, Hon. Gboyega Nasir Isiaka, raised the alarm over persistent revenue leakages and poor remittances by government-owned enterprises, describing them as a major challenge to Nigeria's fiscal sustainability.
During the hearing, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN alone was allegedly indebted to the Federal Government to the tune of N5.3 trillion in unremitted operating surplus. According to Mogaji, previous efforts by the Public Accounts Committee to recover the funds had not yielded results, as the apex bank had refused to comply with the remittance requirement. "Early last year, the CBN was owing the Federal Government N5.3 trillion 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," Mogaji told the committee. He noted that in contrast, the Federal Airports Authority of Nigeria had remitted N473 billion.
The committee also sought explanations over allegations that the OAGF deducted funds from the statutory accounts of several Ministries, Departments and Agencies, including an alleged N15 billion withdrawal from the Universal Basic Education Commission, raising concerns that such deductions may have disrupted the agencies' statutory responsibilities. The Accountant-General defended the policy of automatic deductions from MDA accounts, describing it as an ingenious mechanism introduced to recover anticipated operating surplus in advance before the close of each financial year. He said the policy had significantly boosted government revenue collections but admitted that it had met resistance from some agencies, resulting in reviews and reversals.
Ogunjimi explained that some agencies went back to President Bola Tinubu to seek total cancellation or reduction of the deductions, while others, including the NNPCL, failed to cooperate with the implementation process. He revealed that disagreements with the NNPCL over the deductions were still being handled by a post-mortem committee established to resolve the issues. The committee chairman, Hon. Bamidele Salam, however questioned the legality of the deductions, noting that UBEC and several other agencies had petitioned the committee over funds allegedly withdrawn from their accounts. He disclosed that UBEC alleged that about N16 billion due to it under its Authority to Incur Expenditure was not released, while another N15 billion was allegedly withdrawn from its account without being refunded.
The investigation is expected to determine the actual amount owed, identify any lapses in revenue remittance, and recommend appropriate measures to recover funds due to the Federal Government. The committee subsequently directed the OAGF to submit detailed records of outstanding operating surplus owed by the CBN, NNPCL and other government-owned enterprises, alongside documentation of deductions made from MDA accounts, refunds already made and balances yet to be settled. The probe comes amid growing concerns over Nigeria's weak revenue performance, with Isiaka noting that the country's GDP remains among the lowest on the continent at about 16 per cent. He stressed that business entities are expected to return about 80 per cent of their operating surplus, while others are required to remit between 20 and 50 per cent, yet there still appears to be a significant backlog in remittances.
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