Senate Summons CBN, NNPCL Over Public Funds Accountability

On Wednesday, the Nigerian Senate resolved to summon the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited, and about 40 other Ministries, Departments, and Agencies (MDAs) due to their alleged failure to respond to invitations for accountability regarding public funds. This resolution was prompted by a motion from Senator Sani Musa, Chairman of the Senate Committee on Finance, who accused these agencies of obstructing legislative oversight.

He stated that the committee is empowered by Sections 88 and 89 of the 1999 Constitution (as amended) to investigate the financial operations of public institutions. Musa expressed concern that many agencies had either ignored invitations or claimed they were not obligated to appear before the committee, undermining the National Assembly's constitutional authority.

He also highlighted violations of the Fiscal Responsibility Act and the Finance Act 2022, where some agencies retained government revenue instead of remitting it to the Federation. Musa indicated that some agencies have withheld funds due to the Federal Government since 2020.