Senate Summons CBN, NNPC, 45 Other Agencies Over Alleged Revenue Remittance Failures

The Senate has accused the Central Bank of Nigeria, Nigerian National Petroleum Company Limited, Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, and 43 other government agencies of failing to remit revenues due to the Federation Account as required by existing financial laws.

The upper chamber consequently directed the affected ministries, departments and agencies to appear before its Committee on Finance to explain the alleged revenue shortfalls and other financial irregularities.

The resolution followed the adoption of a motion sponsored by Senator Sani Musa, representing Niger East Senatorial District, who alleged that several revenue-generating agencies had failed to remit their operating surpluses in line with the Fiscal Responsibility Act, 2007, and other applicable financial regulations.

Musa also accused the agencies of repeatedly ignoring invitations from the Senate Committee on Finance, thereby frustrating legislative oversight and accountability.

According to the lawmaker, the alleged non-remittance of public funds has deprived the Federal Government of significant revenue while undermining transparency and fiscal discipline.

Responding to the motion, Senate President Godswill Akpabio dismissed claims by some agencies that Senate committees lacked the constitutional authority to summon them.

He maintained that the National Assembly possesses the constitutional mandate to oversee all government agencies handling public funds and warned that any institution that failed to honour legislative invitations would face appropriate sanctions.

The agencies directed to appear before the committee include the Central Bank of Nigeria, Nigerian National Petroleum Company Limited, Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Federal Airports Authority of Nigeria, Joint Admissions and Matriculation Board, National Examinations Council, National Insurance Commission, Nigerian Deposit Insurance Corporation, Nigerian Electricity Regulatory Commission, Nigerian Railway Corporation and the Nigerian Communications Satellite Limited.

Others include the Nigerian Export-Import Bank, Nigerian Export Promotion Council, Nigerian Export Processing Zones Authority, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Standards Organisation of Nigeria, Transmission Company of Nigeria, Office of the Accountant-General of the Federation, Small and Medium Enterprises Development Agency of Nigeria, National Hajj Commission of Nigeria and several other government institutions.

The Senate directed its Committee on Finance to engage the affected agencies, examine the allegations and submit a comprehensive report containing its findings and recommendations.

Lawmakers expressed optimism that the investigation would strengthen accountability, improve public revenue collection and ensure strict compliance with Nigeria’s fiscal responsibility laws.