The House of Representatives Public Accounts Committee (PAC) on Tuesday intensified its investigation into the remittance of operating surpluses by federal agencies, directing the Office of the Accountant-General of the Federation (OAGF) to furnish it with a detailed account of outstanding revenues allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other government-owned enterprises.
The committee issued the directive during a hearing in Abuja as lawmakers scrutinised revenue remittances, compliance with the Fiscal Responsibility Act and allegations of unauthorised deductions from the statutory allocations of Ministries, Departments and Agencies (MDAs).
Chairman of the committee, Rep. Bamidele Salam, said the investigation was aimed at establishing the actual amount owed to the Federal Government and ensuring that all agencies comply with statutory remittance obligations.
According to him, the committee would leave no stone unturned in recovering revenues due to the Federal Government.
“We need a comprehensive and verifiable account of all outstanding operating surpluses and revenues owed by government-owned enterprises. The objective is to ensure transparency, accountability and compliance with extant financial regulations,” Salam said.
During the proceedings, Director of Revenue and Investment in the Office of the Accountant-General of the Federation, Makinde Mogaji, disclosed that the CBN alone was yet to remit about ₦5.3 trillion in operating surplus to the Federal Government.
Mogaji told lawmakers that previous efforts to recover the funds had not yielded the desired outcome despite recommendations made by the committee.
“The Central Bank of Nigeria is owing the Federal Government about ₦5.3 trillion in unremitted operating surplus. The committee had recommended that 70 per cent of the amount be remitted, but compliance has yet to be achieved,” he said.
The committee also queried the OAGF over allegations that billions of naira were deducted from the accounts of some MDAs without immediate reimbursement, a development lawmakers said may have negatively affected the operations of the affected agencies.
Members of the panel expressed concern over what they described as persistent revenue leakages and the failure of some government-owned enterprises to comply with provisions of the Fiscal Responsibility Act, which mandates the remittance of operating surpluses to the Consolidated Revenue Fund.
Lawmakers maintained that operating surpluses constitute an important source of government revenue and should not be withheld at a time when the country faces growing fiscal challenges.
“The era of agencies treating public revenue as if it belongs to them must come to an end. Every kobo due to the Federal Government must be accounted for,” a committee member said during the hearing.
The Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, was consequently directed to submit detailed records showing the status of outstanding remittances by the CBN, NNPCL and other government-owned enterprises.
The panel warned that agencies found to be withholding revenues due to the government could face sanctions, insisting that compliance with financial regulations was not optional.
The latest probe comes amid heightened legislative scrutiny of public finances and follows a series of investigations by the National Assembly into the management of government revenues, operating surpluses and statutory allocations.
The committee reaffirmed its commitment to strengthening accountability in public finance management, stressing that all agencies operating under federal laws must fully comply with their remittance obligations to support government programmes and national development.
