Reps give CBN ultimatum on reconciliation with Finance Ministry, FRC

By Christiana Ekpa

The House of Representatives Committee on Public Accounts has issued an ultimatum to the Central Bank of Nigeria (CBN) to conclude an ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) over alleged unremitted revenues into the Federal Account.
Chairman of the House Committee on Public Accounts, Rep. Bamidele Salam, gave the directives on Tuesday after the CBN requested more time to appear before the committee following a House resolution summoning the apex bank’s governor.
Salam recalled that the House, at plenary on Wednesday, Dec. 10, 2025, resolved to summon the CBN Governor to appear before the committee to conclude a hearing initiated by a joint sitting of the Committees on Public Accounts and Public Assets.
He said the investigation followed extensive correspondence among the National Assembly, the CBN, the Ministry of Finance and other relevant agencies over alleged violations of the 1999 Constitution and the Fiscal Responsibility Act.
According to Salam, reports by the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit by consultants allegedly showed that the CBN failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.
He added that other findings include alleged outstanding remittances of about N954.3 million following the transition to the Treasury Single Account (TSA), discrepancies of about N11.09 billion, another N2.686 trillion uncovered during the migration of federal government balances, as well as N521.7 million in Value Added Tax (VAT) on remittance transactions.
Salam said the CBN, in a letter dated Dec. 15, 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.
Speaking on the reconciliation process, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described federal government revenue as central to governance, budgeting and public investment.
“Federal government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” Edun said.
He noted that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clear framework and timeline.
“We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.
Edun also reaffirmed the Federal Government’s respect for the National Assembly and its oversight role.
The committee also heard from members on the need to balance accountability with fair hearing.
Contributing, Rep. Ademorin Kuye, urged the House to allow the CBN additional time to appear, stressing that the reconciliation must be concluded within a defined timeframe.
“We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Kuye said.
He noted that the House was required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties were properly heard.
“The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.