The House of Representatives Public Accounts Committee (PAC) has launched a sweeping investigation into the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and other revenue-generating agencies over billions of dollars in unremitted operating surpluses.
The intense legislative probe coincides with shocking disclosures made during an investigative hearing on Tuesday, July 14, 2026, where the apex bank was indicted for withholding a staggering ₦5.3 trillion in independent revenue belonging to the Federal Government.
The ₦5.3 Trillion Standoff
Appearing before the National Assembly panel, the Director of Revenue and Investment in the Office of the Accountant-General of the Federation (OAGF), Makinde Mogaji, openly declared that the CBN has stubbornly defied statutory provisions and legislative directives to pay its debts.
According to the OAGF, the ₦5.3 trillion debt represents accumulated operating surpluses that the apex bank has held onto since early last year. Despite explicit directives from the lawmakers demanding that the CBN immediately remit at least 70% of the disputed funds into the Consolidated Revenue Fund (CRF), the financial regulator has allegedly refused to cooperate.
The committee, chaired by Bamidele Salam, also turned the spotlight on the NNPCL. Testimonies from the OAGF revealed that the state-owned oil giant has historically been completely uncooperative with post-mortem revenue reconciliation committees, with its officials previously walked out of hearings for non-compliance and structural evasiveness.
Reacting to the developments, committee member Gboyega Nasir Isiaka raised serious alarms over Nigeria’s fragile fiscal framework.
“Considering our GDP, ours is one of the lowest revenue-to-GDP ratios on the continent, at about 16 percent,” Isiaka remarked, arguing that under-remittance from behemoths like the CBN and NNPCL directly erodes national stability. “It is no longer enough for these entities to just declare what they feel like. We need a thorough forensic look at the actual assets and surpluses under their control.”
Unauthorized Deductions From MDAs Exposed
The legislative hearing took an even more controversial turn when the PAC confronted the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, over widespread allegations of secret and unauthorized fund harvesting from the accounts of critical government institutions.
Several Ministries, Departments, and Agencies (MDAs)—including the Universal Basic Education Commission (UBEC) and the National Agency for Science and Engineering Infrastructure (NASENI)—had raised frantic petitions that funds legally earmarked for their primary functions were being secretly swept from their accounts. In one specific case, the OAGF allegedly pulled a combined ₦31 billion out of UBEC’s statutory reserves, severely undermining basic education funding.
Defending the aggressive strategy, Accountant-General Ogunjimi described the automatic account sweeping as an “advanced and ingenious mechanism” implemented under ministerial directives to capture liquidity from unutilized or idle state funds to meet pressing national financial obligations. He maintained that the funds are treated as temporary internal loans that are systematically refunded when the affected agencies officially request them, pointing to the successful return of over ₦300 billion to the Tertiary Education Trust Fund (TETFund).
However, Chairman Bamidele Salam and other committee members rejected the justification, warning that the arbitrary raiding of accounts leaves essential institutions completely paralyzed and unable to implement budgeted public projects.
The Ultimatum
To curb further leakages and establish complete visibility, the House Committee issued a strict directive ordering the Office of the Accountant-General of the Federation to provide a comprehensive, audited breakdown within days.
The OAGF must submit detailed templates showing the exact outstanding obligations of the CBN and NNPCL, alongside clear ledgers detailing all controversial automatic account deductions and pending refunds across all affected federal institutions.
Ayodele Quadri
Correspondent
