As panel uncovers liability of N5.2trillion in unpaid operating surpluses owed FG from 2016 to 2022
By Paul Effiong, Abuja
House of Representatives plenary session was temporarily thrown into chaos yesterday following a proposal to halt an ongoing probe by the Public Accounts Committee, PAC, into the Central Bank of Nigeria, CBN, and replace it with an ad-hoc committee.
The suggestion by some lawmakers triggered a strongly heated arguments on the floor, with lawmakers sharply divided over the procedural implications of setting aside a standing committee’s work.
Earlier during plenary presided over by the Speaker, Hon. Tajudeen Abbas, the PAC chairman of the House Committee, Hon. Bamidele Salam had moved a motion on the alleged non-remittance of over N5trillion in operating surplus and more than N11 trillion in government revenue by the CBN.
The lawmaker accused the apex bank of repeatedly ignoring invitations issued by his committee in order to explain its financial conduct.
He, thereafter, disclosed that in the course of the investigation into the Auditor-General’s report for the 2022 financial year and the administration of the remita revenue collection system between March 2015 and April 2016, his panel uncovered an undisputed liability of N5.2trillion in unpaid operating surpluses owed to the federal government for the period of 2016 to 2022.
According to Salam, the funds had remained not remitted despite several official engagements by his panel.
The submission by the Committee led to escalated tension and rowdy session when another member of the House proposed the establishment of an ad hoc committee to take over the probe, maintaining that such decision might fast-track the probe process.
However, many lawmakers strongly opposed the suggestion, insisting that the Public Accounts Committee was a statutory standing committee, which should be allowed to carry out and complete its constitutionally assigned mandate without undue interference.
The House eventually resolved the dispute and brought the rowdy session to halt following an amendment raised by Hon. Ahmed Jaha, agreeing that the Public Accounts Committee should continue with the investigations.
The House further directed that the PAC be empowered to compel the Governor of the CBN to appear before it next investigative hearing bill to take place next week Monday.
The lawmakers thereafter strongly urged for a decisive step to ensure accountability and transparency in the management of public funds across all MDAs in the country.
