Reps order CBN: Remit N3.64tn to FG

Reps

The House of Representatives Public Accounts Committee on Friday, directed the Central Bank of Nigeria to remit the sum of N3.64tn to the Federal Government within 14 days.

The amount, according to the Committee, represents 70% of an outstanding N5.2tn in unpaid operating surplus for the period spanning 2016 to 2022.

The decision was taken following the appearance of the apex bank team, led by Deputy Governor of Operations Directorate, Bala Bello, and the Finance Minister of Finance, Wale Edun, before a Joint Committee of PAC and Public Assets on Wednesday.

During the session, the panel grilled the CBN on its failure to remit operating surplus funds and its management of unclaimed dividends and dormant account balances.

A formal letter addressed to the CBN Governor, Yemi Cardoso signed by the Chairmen of the Public Accounts and Public Assets Committees, Bamidele Salam and Ademorin Aliyu, accused the bank of withholding N5.2tn due to the Federal Government.

The letter is titled “Investigation of non-compliance with Fiscal Responsibility Act 2007 and Finance Act 2020 on the remittance of operating surplus and management of unclaimed dividends and dormant Account Balances by the Central Bank of Nigeria.”

The letter read, “Further to your appearance before the Joint Committee on Wednesday, 25th June 2025, on the above subject matter, the Committees hereby direct as follows:

“Please note that the Auditor General for the Federation, in the performance of its constitutional mandate, reported to the House of Representatives a liability of N5.2tn in operating surplus due to the Federal Government of Nigeria for the years 2016 to 2022.

“This finding is corroborated by the Fiscal Responsibility Commission in a separate report submitted to the National Assembly. This represents a clear and unacceptable violation of the provisions of the Fiscal Responsibility Act 2007 (as amended).