Reps Investigate CBN's N5.3 Trillion Debt to Nigeria

The House of Representatives, through its Public Accounts Committee (PAC), is investigating the Central Bank of Nigeria (CBN) for allegedly owing the federal government N5.3 trillion in unremitted operational surpluses. The investigation, which commenced on a Monday, follows revelations from the Office of the Accountant General of the Federation (OAGF) regarding outstanding revenues owed by major government agencies, including the CBN and the Nigerian National Petroleum Company Limited (NNPCL).

Makind Mogaji, Director of Revenue Investment at OAGF, informed lawmakers that efforts to recover these funds have not been successful despite previous interventions. The PAC expressed concerns over revenue leakage and the low revenue-to-GDP ratio in Nigeria.

Additionally, the committee scrutinized deductions made by the OAGF from various agencies, including the Universal Basic Education Commission (UBEC), which reported N15 billion withdrawn without refund. The committee chairman, Hon. Bamidel Salam, emphasized the need for transparency and compliance in financial management.