News
Reps Set Deadline for CBN to Resolve N5.2trn Remittance Dispute With Finance Ministry
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2025/12/IMG-20251216-WA00031-1000x564.jpg&description=Reps Set Deadline for CBN to Resolve N5.2trn Remittance Dispute With Finance Ministry', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2025/12/IMG-20251216-WA00031-1000x564.jpg&description=Reps Set Deadline for CBN to Resolve N5.2trn Remittance Dispute With Finance Ministry', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
By Gloria Ikibah
The House of Representatives Committee on Public Accounts has set a firm deadline for the Central Bank of Nigeria to wrap up its reconciliation process with the Ministry of Finance and the Fiscal Responsibility Commission over alleged failures to remit revenues to the Federal Account.
The directive was issued on Tuesday by the committee’s chairman, Rep. Bamidele Salam, after the apex bank asked for additional time to appear before the panel, following a House resolution summoning the CBN governor.
Salam explained that the House, at plenary on Wednesday, 10 December 2025, had resolved to compel the CBN governor to appear before the committee to conclude a hearing that began during a joint sitting of the Committees on Public Accounts and Public Assets.
He noted that the probe stems from prolonged exchanges between the National Assembly, the CBN, the Ministry of Finance and other relevant agencies over alleged breaches of the 1999 Constitution and the Fiscal Responsibility Act.
According to him, reports from the Fiscal Responsibility Commission, the Office of the Attorney-General of the Federation and a special audit carried out by consultants indicate that the CBN allegedly failed to remit about ₦5.2 trillion in operating surplus to the Consolidated Revenue Fund between 2015 and 2022.
He added that the findings also point to other outstanding remittances, including about ₦954.3 million linked to the transition to the Treasury Single Account, discrepancies estimated at ₦11.09 billion, an additional ₦2.686 trillion uncovered during the migration of federal government balances, as well as ₦521.7 million in Value Added Tax on remittance transactions.
Salam said the CBN, in a letter dated Dec. 15, 2025, requested additional time to respond and appear before the committee, citing the volume of information required and an ongoing reconciliation exercise with the Ministry of Finance.
Speaking on the reconciliation process, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described federal government revenue as central to governance, budgeting and public investment.
“Federal government revenue is a critical aspect of government operations, budgeting, financing and investment in public assets,” Edun said.
He noted that reconciliation between fiscal and monetary authorities was a continuous process but acknowledged the need for a clear framework and timeline.
“We need clarity and accuracy in both fiscal and monetary management. That is where transparency and accountability are seen, and it is also what rating agencies look at in assessing our financial position,” he said.
Edun also reaffirmed the Federal Government’s respect for the National Assembly and its oversight role.
The committee also heard from members on the need to balance accountability with fair hearing.
Contributing, Rep. Ademorin Kuye, urged the House to allow the CBN additional time to appear, stressing that the reconciliation must be concluded within a defined timeframe.
“We are concerned that the 2025 budget is based largely on expected revenues, and we do not want this issue to drag on unnecessarily,” Kuye said.
He noted that the House was required to submit its findings to plenary before the end of January 2026 and therefore needed to ensure that all parties were properly heard.
“The reconciliation should involve the Fiscal Responsibility Commission and the Office of the Auditor-General for the Federation. The CBN and the Ministry of Finance remain the principal parties,” he added.
Presenting the position of the Fiscal Responsibility Commission, Mr. Charles Abeta, who led the FRC delegation and represented the Chairman of the Commission, acknowledged longstanding challenges in engagements between the Commission and the CBN.
“The history of engagement between the Commission and the CBN has not always been smooth,” Abeta said.
He, however, welcomed the opportunity provided by the committee to engage constructively on the matter and expressed the Commission’s readiness for dialogue.
“We are very keen on having a sit-down with the CBN to address any outstanding issues relating to remittances and compliance,” he said.
Abeta explained that the Commission’s effectiveness had previously been hampered by weak enforcement powers but noted that recent legal amendments had strengthened its mandate.
“With the amendment to the Fiscal Responsibility Act through the Finance Act 2020, particularly the provisions empowering the Minister of Finance to enforce remittances directly from source, there is now a clearer enforcement window,” he said.
He added that while the Commission had historically lacked the capacity to compel compliance from defaulting agencies, the revised legal framework now provided an opportunity for improved enforcement.
“This reconciliation process gives the committee a basis to issue clear directives and ensure compliance going forward,” Abeta said.
The committee subsequently fixed Jan. 19, 2026, as the deadline for submission of reconciliation reports and Jan. 26, 2026, for the personal appearance of the CBN Governor before the committee.
Salam said the final hearing would hold on Monday, Jan. 26, 2026, at 10 a.m., after which the committee would present its findings and recommendations to the House plenary.
Yaya Bauchi Tongo, a member of House of Representatives representing Gombe/Kwami/Funakaye Federal Constituency of Gombe State is dead.
Rep Tongo died in Abuja on Friday following a brief illness, the spokesperson for the House of Representatives, Akintude Rotimi said in a statement quoting the Gombe State Caucus of the House of Representatives.
While paying tribute to the late lawmaker, Rotimi said his death marked the end of a distinguished life devoted to public service and the advancement of his constituents, Gombe State, and the Federal Republic of Nigeria.
“Rep. Tongo was a dedicated public servant, seasoned grassroots politician, and committed legislator whose life was marked by unwavering service to his people and the nation,” Rotimi said.
The deceased lawmaker served as Chairman of Funakaye Local Government Area, Special Adviser to the Government of Gombe State, and Member of the Gombe State House of Assembly before his election into House of Representatives.
He was Chairman of the Nigeria–United Arab Emirates Parliamentary Friendship Group in the House of Representatives.
“A respected voice within the Parliament and a passionate advocate for the welfare and development of his constituents, Hon. Tongo brought wisdom, experience, and a deep understanding of governance to legislative deliberations. His contributions to nation-building and democratic development will remain an enduring part of his legacy.
“On behalf of the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, GCON, the leadership, and the entire membership of the House, we extend our heartfelt condolences to his immediate family, the people of Gombe/Kwami/Funakaye Federal Constituency, and the Government and people of Gombe State on this painful loss.
“As we mourn the passing of our dear colleague, we pray that Almighty Allah (SWT) forgives his shortcomings, accepts his good deeds, and grants him Aljannatul Firdaus. We also pray that Allah (SWT) grants his family, loved ones, constituents, and colleagues the strength and fortitude to bear this irreparable loss,” Rotimi said.
He added that further details regarding parliamentary tributes and funeral arrangements will be communicated in due course.
A member of the House of Representatives from Kaduna North and Chairman, Committee on Banking Regulations, Mohammed Bello El-Rufai, has disclosed that his father, Nasir El-Rufai’s continued detention shows that Nigeria’s democratic journey is far from complete.
Bello noted that democracy can only thrive in Nigeria when the country’s leadership is accountable.
El-Rufai has been in custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, since he was arrested at the Abuja airport earlier in the year.
The commission had arraigned him for corruption while he was governor of Kaduna State.
However, posting on X, Bello wrote: “Today, we celebrate the enduring strength of our democracy and the collective voice of the Nigerian people. Democracy thrives when leadership is accountable, citizens are empowered, and every voice is heard.
“As we commemorate this important day, we must also acknowledge that while our democracy continues to endure, the abuse of citizens’ rights remains a troubling reality.
“The true test of any democracy is not simply the conduct of elections, but its commitment to the rule of law, due process, and the protection of fundamental freedoms.
“The continued unlawful detention of my father, Mallam Nasir El-Rufai, alongside the experiences of many other Nigerians who have faced similar violations, serves as a reminder that our democratic journey is far from complete.
“On this Democracy Day, let us recommit ourselves to building a nation where justice prevails, institutions are strengthened, and the rights of every citizen are respected and protected.”
The National Leader of the Nigerian Democratic Congress, NDC, Senator Seriake Dickson, on Friday held a closed-door meeting with the party’s presidential candidate, Peter Obi, amid recent crises in the party.
Dickson made this known in a statement on his official X handle, revealing that the meeting, which lasted nearly three hours, was attended by Obi and other senior party leaders.
“I just received my brother, colleague, and partner in the New Nigerian Project, His Excellency Mr Peter Gregory Obi, CON, our presidential candidate, who, together with some distinguished leaders of our party, held a closed-door meeting which lasted about three hours.
“In the course of that meeting, we reviewed the activities of our party and discussed a few recent issues that have been a source of concern to all sides, and we amicably resolved all the issues.
“We have always been on the same page on the bigger picture, i.e., winning the elections for all candidates of our party and rescuing Nigeria from the misgovernance of the APC-led government. However, a few issues have arisen, and we have agreed on how to handle them moving forward.
“I want to use this opportunity again to call on all members of our party to stop the bickering and name-calling and focus on the bigger picture.
“Both His Excellency Peter Obi and I, as well as other leaders and stakeholders of our party, will continue to consult and engage with one another to address and resolve concerns, strengthen the unity and cohesion of our party, and ensure that we remain focused on our shared mission of rescuing Nigeria and building a better future for all.”
AKPABIO’S THREE YEARS OF TRANSFORMATIVE AND IMPACTFUL LEGISLATIVE LEADERSHIP
Security operatives arrest six wanted suspects in Enugu
VAT collections rise to N2.42tr in Q1 2026 – NBS
-
News16 hours agoMy Nasty Experience With Police During June 12 Struggle, How I was Detained Over the Word Charade in my Release – Hon TeeJay Yusuf
-
News20 hours ago33rd Anniversary of June 12: NUPENG Calls on Politicians to Uphold Democratic Values*
-
News24 hours agoDEMOCRACY DAY: Tinubu honours seasoned journalists, Lad Bonuola, Louis Odion, Delee Alake, others with National awards
-
News22 hours agoDemocracy Day: Senator Manu rejoices with constituents and Nigerians saying let’s remain steadfast better days are ahead
-
News22 hours agoAbandoned health facility for 40years gets new lease of life as Senator Manu moves for its completion(Photos)
-
News20 hours agoECOWAS Parliament Sharpen Oversight Skills at Ghana Workshop
-
News19 hours agoProtect Nigeria’s Future, Bring Back Our Children and Teachers.
-
Sports2 hours agoJust in: Thomas Partey to miss Ghana’s World Cup opening match