Reps give CBN deadline to reconcile N5.2tn unremitted operating surplus

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The Public Accounts Committee of the House of Representatives has directed the Central Bank of Nigeria to conclude an ongoing reconciliation exercise with the Ministry of Finance and the Fiscal Responsibility Commission over an alleged N5.2tn unremitted operating surplus to the Federation Account.

The directive was issued on Tuesday by the Chairman of the Committee, Mr Bamidele Salam, after the CBN Governor, Mr Olayemi Cardoso, requested additional time to honour an invitation to appear before the House for questioning on the matter.

The Committee had earlier, on Wednesday, December 10, 2025, resolved to summon the CBN Governor to a public hearing convened by a joint sitting of the Committees on Public Accounts and Public Assets. The hearing forms part of a wider investigation into alleged breaches of the 1999 Constitution (as amended) and the Fiscal Responsibility Act, following reports that the apex bank failed to remit statutory revenues to the Federal Government.

The controversy stems from findings in audit reports by the Office of the Auditor-General for the Federation, as well as reports by the Fiscal Responsibility Commission and a special audit conducted by consultants engaged by the National Assembly. The reports alleged that between 2015 and 2022, the CBN failed to remit approximately N5.2tn in operating surplus to the Consolidated Revenue Fund, as required by law. Punch