Reps Give CBN Deadline To Resolve Revenue Dispute

The House of Representatives has given the Central Bank of Nigeria an ultimatum to complete an ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission over alleged unremitted revenue to the federal government.

The House Committee on Public Accounts issued the directive after the central bank asked for more time to appear before lawmakers, following a resolution summoning its governor.

Chairman of the committee, Bamidele Salam said the House had, at plenary on Dec. 10, resolved to summon the CBN governor to conclude a hearing earlier initiated by a joint session of the Public Accounts and Public Assets committees.

The probe follows months of correspondence involving the National Assembly, the CBN, the finance ministry and other agencies over alleged breaches of the constitution and the Fiscal Responsibility Act.

Salam said reports by the Fiscal Responsibility Commission, the attorney general’s office and a special audit alleged the central bank failed to remit about 5.2 trillion naira ($3.5 billion) in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.

Other alleged discrepancies include 954.3 million naira linked to the Treasury Single Account transition, 11.09 billion naira in accounting gaps, 2.686 trillion naira discovered during government balance migrations and 521.7 million naira in unpaid value-added tax on remittance transactions.

In a letter dated Dec. 15, the CBN asked for additional time, citing the volume of documentation required and an ongoing reconciliation with the finance ministry.

Finance Minister Wale Edun told the committee that government revenue was central to budgeting, investment and economic planning, stressing the need for clarity between fiscal and monetary authorities.

“Transparency and accuracy are critical, not only for governance but also for how rating agencies assess our financial position,” Edun said, adding that the government respected parliament’s oversight role.

Lawmakers agreed to allow limited additional time but set Jan. 19, 2026, as the deadline for submission of reconciliation reports and Jan. 26, 2026, for the CBN governor’s appearance.

Salam said the committee would submit its findings to the house after the final hearing scheduled for Jan. 26.

Oduyemi Odumade, Edited By Grace Namiji