Senate Moves to Compel CBN, NNPCL Over Revenue Issues

On Wednesday, the Senate began efforts 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 action stems from allegations of these entities failing to account for public revenues and disregarding legislative invitations.

Senator Sani Musa, Chairman of the Senate Committee on Finance, presented a motion highlighting that many revenue-generating agencies have frustrated the committee's investigation into various financial matters, including internally generated revenue and statutory remittances into the Consolidated Revenue Fund. Musa stated that the committee is acting within its constitutional powers under Sections 88 and 89 of the 1999 Constitution.

He expressed concern over agencies refusing to comply with invitations and the potential erosion of legislative oversight and fiscal accountability. Musa also accused several agencies of violating the Fiscal Responsibility Act and the Finance Act 2022 regarding revenue retention.