Reps summon CBN Governor over alleged ₦11tr revenue non-remittance via remita

The House of Representatives has directed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before its Public Accounts Committee to clarify why the apex bank allegedly failed to remit over ₦5 trillion in operating surplus and an additional ₦11 trillion in revenues due to the federal government.

The decision followed a motion moved by the Chairman of the Public Accounts Committee, Bamidele Salam, who informed the House that the unremitted funds include fees collected through the Remita Revenue Collection System between March 2015 and April 2016.

According to lawmakers, these and other financial irregularities were highlighted in the 2022 Report of the Auditor General of the Federation, which flagged multiple government agencies—including the CBN—for failing to comply with statutory remittance obligations.

Proceedings briefly became contentious as lawmakers disagreed on whether the probe should be handed over to an ad-hoc committee.

After deliberation, the House resolved that the Public Accounts Committee should proceed with the investigation.