Reps Investigate CBN, NNPCL Over N5.3 Trillion Debt

The House of Representatives' Public Accounts Committee is probing the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Company Limited (NNPCL) over unremitted operating surplus revenues. The committee has demanded detailed accounts of outstanding operating surplus revenues allegedly owed to the federal government.

The Accountant General of the Federation, Shamseldeen Ogunjimi, appeared alongside senior treasury officials during the investigation. Concerns were raised regarding the CBN's alleged N5.3 trillion debt to the federal government, with previous recovery efforts yielding no results.

The committee highlighted that compliance with remittance regulations remains a recurring issue, undermining Nigeria's fiscal position. Gboyega Isiaka, a committee member, expressed worries about Nigeria's low revenue performance, with only 16% of GDP being returned.

The CBN reportedly refused to remit 70% of the amount owed, while NNPCL's non-compliance was also noted. The committee is examining the legal implications of automatic deductions from agency accounts introduced to recover operating surplus.