By Paul Effiong, Abuja
House of Representatives Committee on Public Accounts, PAC, has issued an ultimatum to the Central Bank of Nigeria, CBN, to conclude an ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission, FRC, over alleged unremitted revenue into the federation account.
It fixed January 26, 2026 for the appearance of the CBN governor.
Chairman of the committee, Bamidele Salam gave the directive yesterday after the apex bank requested more time to honour the summons.
The panel also recalled that the House had during plenary on December 10, resolved to summon the CBN governor to conclude a hearing initiated by the joint sitting of the Committees on Public Accounts and Public Assets, following extensive correspondence among relevant agencies.
The lawmaker cited reports by the FRC, Office of the Attorney-General of the Federation, AGF, and a special audit by consultants alleging that the CBN had failed to remit about N5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.
Salam added that other findings include alleged outstanding remittances linked to the Treasury Single Account, TSA, transition, discrepancies running into billions of naira and unpaid Value Added Tax, VAT, on remittance transactions.
Speaking on the reconciliation process, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun emphasised that federal government revenue is central to governance, budgeting and public investments, noting that reconciliation between fiscal and monetary authorities is continuous, but requires a clear framework and timeline to ensure transparency and accountability.
Members of the committee who spoke during the hearing urged a balance between accountability and fair hearing, with Ademorin Kuye calling for a defined timeframe to conclude the process, given that the House must report its findings before the end of January 2026.
The panel subsequently fixed January 19, 2026 for the submission of reconciliation reports and January 26, 2026 for the final hearing and appearance of the CBN governor in person.
