The Senate has commenced moves to recover unremitted government revenue allegedly withheld by several Ministries, Departments and Agencies (MDAs) since 2020, accusing some public institutions of violating financial regulations by retaining funds meant for the Federation Account.
As part of the effort, the upper chamber resolved on Tuesday to summon the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and about 40 other agencies over their alleged failure to account for public funds and honour invitations by the Senate Committee on Finance.
The resolution followed a motion sponsored by the Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), who said the committee’s investigation into revenue remittances, operating surpluses and compliance with the Fiscal Responsibility Act had uncovered concerns about the management of government revenues by several agencies.
According to Musa, some revenue-generating agencies have failed to comply with provisions of the Fiscal Responsibility Act and the Finance Act 2022, which require government institutions to remit prescribed revenues into the Consolidated Revenue Fund.
“Most of them don’t comply. Instead of remitting what is required by law, they retain the larger percentage of the revenue and remit only a fraction. We need to call them to order,” he said.
The lawmaker disclosed that some agencies had allegedly been withholding government funds for years, prompting the Senate to intensify scrutiny of their financial records.
“We will request that they come for scrutiny so that the Fiscal Responsibility Commission can carry out reconciliation, after which we will require them to refund the money as quickly as possible. Some have been holding these funds since 2020,” Musa stated.
He explained that the committee was acting within its constitutional powers under Sections 88 and 89 of the 1999 Constitution (as amended), which empower the National Assembly to investigate the finances and administration of public institutions.
Musa noted that the ongoing exercise is designed to examine internally generated revenue, operating surpluses, stamp duty collections where applicable and statutory remittances due to the Federal Government.
The senator, however, lamented that despite repeated invitations, several agencies had either failed to appear before the committee or outrightly ignored its requests for information.
“More concerning is that some have taken the position that they are under no obligation to appear before the committee or submit the requested information, notwithstanding the clear constitutional and statutory powers vested in the National Assembly,” he said.
He warned that continued non-compliance could undermine legislative oversight, weaken fiscal accountability and reduce transparency in the management of public resources.
Contributing to the debate, Senate President Godswill Akpabio dismissed claims by some agencies that Senate committees lacked the authority to summon them for investigations.
“What we are talking about is that they are saying the Senate Committee does not have the power to invite them. But the Senate has the power. The National Assembly has the power. We have the powers enshrined in the Constitution to invite them,” Akpabio said.
The Senate President directed the Committee on Finance to return with a substantive motion seeking authority to compel the affected agencies to appear before the National Assembly.
“Come with a substantive motion. One of the prayers should be to compel them to appear before the National Assembly through your committee,” he added.
Akpabio also warned that agencies that continue to disregard invitations from the legislature could face constitutional sanctions.
“If eventually they do not appear, we know the appropriate action to take,” he said.
Among the agencies listed for scrutiny are the CBN, NNPCL, Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), Nigerian Maritime Administration and Safety Agency (NIMASA), Office of the Accountant-General of the Federation, Nigerian Railway Corporation (NRC), Nigerian Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Others include the Nigerian Ports Authority (NPA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Federal Mortgage Bank of Nigeria (FMBN), Nigerian Export-Import Bank (NEXIM), Joint Admissions and Matriculation Board (JAMB), National Examinations Council (NECO), Nigeria Deposit Insurance Corporation (NDIC) and several other government-owned enterprises.
The Senate subsequently adopted the motion through a voice vote, paving the way for a comprehensive review of the financial records of the affected agencies and possible recovery of unremitted public funds.
The move comes amid growing concerns over government revenue leakages and increasing pressure on authorities to improve fiscal discipline, boost transparency and strengthen accountability in the management of public resources.
Lawmakers say the outcome of the probe could lead to the recovery of significant funds owed to the Federal Government and reinforce compliance with existing financial regulations.
