Senate Summons CBN, NNPCL Over Revenue Accountability Issues

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

He stated that the committee is exercising its constitutional powers under Sections 88 and 89 of the 1999 Constitution, which allow the National Assembly to investigate public institutions' finances. Musa expressed concern over agencies refusing to appear before the committee or provide requested information, undermining the Senate's 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. Musa noted that some agencies have withheld funds due to the Federal Government since 2020, emphasizing the need for accountability.