Senate Targets CBN, NNPCL Over Revenue Remittance Issues

The Nigerian Senate has initiated actions to compel the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and approximately 40 other Ministries, Departments, and Agencies (MDAs) to appear before its Committee on Finance. This decision follows a motion sponsored by Senator Sani Musa, Chairman of the Senate Committee on Finance, who accused these institutions of neglecting their statutory remittance obligations and frustrating the National Assembly's oversight functions.

Musa stated that the committee's role is to scrutinize the financial activities of government agencies, including their revenues and remittances into the Consolidated Revenue Fund. He expressed concern over agencies ignoring invitations and failing to provide financial records, which undermines legislative oversight and accountability.

Musa highlighted that many revenue-generating agencies are violating financial laws by retaining funds that should be remitted to the Federation's account, contrary to the Fiscal Responsibility Act and the Finance Act 2022.