Reps summon Cardoso over non-remittance of ₦16tn revenue

The House of Representatives erupted into a rowdy session on Wednesday as lawmakers clashed over which committee should interrogate Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, regarding the alleged non-remittance of over ₦16tn in government revenue. The dispute followed a motion raised by Public Accounts Committee (PAC) Chairman, Bamidele Salam, demanding accountability for unremitted operating surpluses and revenue.

The controversy intensified when Kano lawmaker Ghali Tijani proposed the creation of an ad-hoc committee to take over the investigation a suggestion strongly opposed by several members, particularly Ahmed Jaha of Borno, who insisted that the matter remained the core mandate of PAC, which had been probing similar financial irregularities for two years.

Jaha argued that the move to divert the investigation undermined legislative integrity, stressing that the committee had already made formal attempts to engage the CBN without success. He urged the House to compel Cardoso to appear before PAC rather than create a new panel. This position was supported by multiple lawmakers, including Sada Soli of Katsina, who reminded the chamber that PAC is the only committee mentioned in the constitution.

Debate grew heated as lawmakers rejected attempts to form a multi-committee panel, insisting that PAC must retain control of the investigation. After prolonged disagreements, Tijani withdrew his amendment, clearing the way for the House to adopt a resolution mandating Cardoso’s appearance before PAC alongside other relevant agencies.

During deliberations, Salam briefed the chamber on PAC’s findings from its review of the Auditor-General’s 2022 report, revealing substantial discrepancies and unpaid surpluses linked to the CBN. He highlighted unresolved liabilities and irregular revenue collections involving the Remita platform, describing the gaps as alarming and detrimental to national financial accountability.

According to him, “Refunds of collected charges by the CBN showed ₦954 million collected, ₦0 refunded, leaving a variation of ₦954 million. With interest accrued at 27.25%, the total amount due for refund stands at ₦3.28 billion.”

He added, “A migration discrepancy of ₦2.68 trillion remains outstanding and payable to the Federal Government’s Assets Recovery Account. In total, the CBN’s indebtedness exceeds ₦11 trillion arising from multiple infractions and unexplained gaps.”

The PAC Chairman lamented Cardoso’s persistent refusal to honour invitations despite repeated communications. Lawmakers warned that the revelations underscored deep concerns about revenue leakages, stressing that the CBN must be held accountable to restore public trust. The latest findings form part of PAC’s broader effort to recover unremitted funds and strengthen financial discipline across revenue-generating agencies.