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Reps Demand Answers Over N5.3trn CBN Debt, Query OAGF on Deductions from MDAs’ Accounts

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...probe unremitted operating surplus, questions use of statutory funds belonging to UBEC, NASENI and others

By Gloria Ikibah

The House of Representatives Public Accounts Committee (PAC) has directed the Office of the Accountant General of the Federation (OAGF) to provide a comprehensive account of unremitted operating surplus allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other revenue-generating agencies.

The committee also demanded explanations over allegations that the OAGF withdrew billions of naira from the accounts of several Ministries, Departments and Agencies (MDAs), including the Universal Basic Education Commission (UBEC), to finance government obligations.

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The directives were issued on Monday when the Accountant General of the Federation, Shamseldeen Babatunde Ogunjimi, appeared before the committee during an investigative hearing at the National Assembly.

Raising concerns during the session, committee member Rep. Gboyega Nasir Isiaka said poor remittance of government revenues remained one of Nigeria’s major fiscal challenges.

“I mean, considering our GDP, you know, ours is one of the lowest on the continent, at about 16 per cent. Now, I know that business entities are meant to return about 80 per cent of their taxes, and others are between 20 per cent and 50 per cent.

“From the totality of what we are seeing, there appears to still be some backlog of remittances. Can you give some instances or some figures around this? That is one. Two, even those business entities that are returning, as a member of the economic team, how comfortable are you with the performance of some of those entities given their assets and all of that?

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“Like CBN, SEC, NIMASA and some of those. Because it’s not just enough for us to say 80 per cent of their surpluses. What exactly is the surplus they are giving us? These are the asset base that they have in their hand. So I think it’s important for us to have a look at that, in addition to some of the revenues that they are meant to have paid but have not paid for,” Isiaka said.

In response, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN had yet to remit an alleged N5.3 trillion operating surplus to the Federal Government despite repeated recovery efforts.

“Early last year, they were owing the Federal Government N5.3 trillion for their operating surplus and despite all the effort of the PAC, N5.3 trillion CBN, and despite the effort of the PAC to recover the money, they refused to pay. 70 per cent of that money should be paid and behold, CBN refused to pay. That is CBN. And that is just one of our huge sources of revenue. Agency like FAAN, we have record of ₦473 billion paid,” Mogaji said.

On allegations that the OAGF had been making automatic deductions from the accounts of MDAs, the Accountant General defended the practice, describing it as a mechanism designed to enable government meet pressing financial obligations.

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He added that some agencies later sought presidential intervention to reverse the deductions.

“That was an ingenious way of taking in advance what is due to government last year, and that was how we were able to rake in a lot of revenue last year.

“Let me add to that. Because when we initiated that move and were able to rake in a lot of revenue, some of these agencies went behind to seek a reversal. So, we’ve been battling with that issue because some went back to Mr President and said that was too much this and that. Some got total cancellation. Some got reduced advance.

“So we have been battling with that and that’s why we were not able to return like what we had last year to that level. And you have instances also where agencies like NNPC refused totally to cooperate… to the extent that they had to be walked out because of their non-compliance and cooperation. NNPC has agreed to some of those liabilities, some they said no they do not agree, so all of that is still being handled by a post-mortem committee,” Ogunjimi said.

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Providing further clarification, Mogaji said the automatic deduction mechanism was intended to recover operating surplus in advance, subject to reconciliation.

“Yes, the auto deduction that was established last year has been working perfectly. Like AGF said, the auto deduction is an advance way. It’s a mechanism designed to pick the operating surplus in advance from these agencies, and at the end of the day, they will compute OPS and see whether they have excess or they have been over-deducted. We have some figures here, but they can’t be taken to be the final lists”, he added.

Committee Chairman, Rep. Bamidele Salam, however, questioned the legality of withdrawing statutory allocations from agencies established to perform specific national responsibilities.
He cited complaints received from UBEC and several other government institutions.

“There is an ongoing investigation involving UBEC and other agencies. And in the course of the investigation, the UBEC claimed that, for example, there was a shortfall. There was an authority to incur expenditure of November 2025 which was not released by the Accountant General, ₦16 billion from the Commission’s account. Another ₦15 billion from the Commission’s account which has not been refunded.

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“And we actually wondered why these deductions from statutory payments of some of these very critical institutions of government. Not only UBEC. We had the same thing with NASENI. NASENI, was it ₦70 billion or more than that? We have different agencies and they complained. So, what is the justification, Accountant General?” Salam asked.

In response, Ogunjimi maintained that the withdrawals were temporary and carried out only after assessing whether the affected funds had remained idle.

“We have instances where, at a point in time, we have the need to take monies from some of these agencies to be able to meet critical financial obligations of government. Yes, it’s like a borrow, a loan. We are going to refund it and we have been refunding for those agencies. It’s just to meet those critical obligations.

“Sir, first and foremost, Accountant General cannot just sit and begin to pick money from accounts of these agencies. We first analyse, because the directives come from the Honourable Minister. We first analyse how long these funds have remained in the account unutilised. So, if you have this money like six months and government needs funding.

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“So we say, let’s take it and then we refund your money when you need it. Like TETFund for instance, we took over ₦300 billion and we have refunded the whole to them. So, if you come back and tell us that we need this money now, can you give us that money, then we process and give it back to them”, he said.

The explanation failed to convince the committee chairman, who insisted that the deductions had undermined the statutory responsibilities of several agencies.

“So, which ones have you refunded? UBEC is crying, NASENI is crying, NBC too is crying. We have quite a number of them. We have more than six that are under various investigations here and that is their major claim, that they don’t know how to approach this matter. The Accountant General just gets into their accounts so they cannot have the money to use for the primary purpose they were meant for.

“Like the one in UBEC, you will agree with me that the problem we have today, including banditry and what have you, is also as a result of our neglect of basic education, especially in the northern part of the country. We have about 13.5 million out-of-school children. UBEC is to construct schools, provide infrastructure and instructional materials. They can’t do that because the fund that is statutorily meant for them is being taken for other purposes,” Salam said.

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The committee directed the OAGF to furnish it with detailed records of outstanding operating surplus owed by government agencies, as well as evidence of deductions and refunds made to affected MDAs, as the investigation continues.

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Police nab content creator over alleged rape of girl who committed suicide in Asaba

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The Delta State Police Command has confirmed the arrest of a 44-year-old popular content creator simply identified as Odogwu Asaba.

The suspect was nabbed for allegedly raping a 21-year-old girl (name withheld).

The girl was said to have committed suicide after the incident.

It was said that the deceased was lured into Asaba by the suspect under the pretence of wanting to help her.

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Police Public Relations Officer, SP Bright Edafe, confirmed the arrest on Wednesday.

It was learnt that the suspect was arrested on Tuesday at his residence in Asaba, following a petition by a human right activist, Comrade Israel Joe.

The suspect is currently in police custody and has allegedly confessed to the crime.

Warri based human rights activist, Comrade Israel Joe, commended the Delta State Police Command for the arrest, just as he insisted that justice must be seen to have been served in the matter.

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Senator Abba Moro moves motion demands heavy deployment of security to troubled communities in Otukpo

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The senator representing Benue South Senatorial District and Senate Minority Leader, Comrade Abba Moro, on Wednesday moved a motion on the renewed attacks on Benue South communities in the last few days.

Akpachi-Ugboju, Otukpo-Nobi and Ondo Ugboju communities of Otukpo Local Government Area were attacked by armed bandits on Friday, Sunday and Tuesday respectively resulting in the death of 20 persons, displacement of several persons and destruction of properties worth millions of naira.

In the motion titled, “The urgent needto stop the gruesome murder of inhabitants of Akpachi-IUgboju Otukpo-Nobi inhabitants and fresh attacks on Ondo Ugboju in Otukpo LGA of Benue State by suspected bandits”, Senator Moro lamented sustained attacks on defenceless constituents and called on government at all levels to secure the lives and properties of Nigerians, which is the primary responsibility of every government.

The motion reads;

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“The Senate:

“Notes with utter dismay and heavy heart the horrific and unprovoked attacks on the peaceful, agrarian Communities of Akpachi-Ugboju, Otukpo-Nobi and Ondo Ugboju communities of Otukpo Local Government Area, Benue State, by suspected Armed Bandits between Friday, Sunday of last week and Tuesday this week;

“The primary responsibility of any government, as enshrined in Section 14(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), is the security and welfare of its citizens;

“Aware that the weekend assaults resulted in the tragic and gruesome murder of innocent, defenseless citizens, with a confirmed death toll of two (2) lives lost in Akpachi-Ugboju and sixteen (16) lives lost in Otukpo-Nobi, bringing the total number of fatalities in these two incidents to eighteen (18);

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“Disturbed that aside from the lives lost, numerous members of these communities sustained varying degrees of life-threatening injuries and are currently admitted in various hospitals struggling for their lives, while properties and farmlands have been destroyed, forcing survivors to flee their ancestral homes;

“Alarmed by the sudden, coordinated, and fresh attack launched on Ondo Ugboju, July 14, 2026, which has thrown the entire local government area into a state of panic, widespread displacement, and severe humanitarian crisis with a confirmed death cases of two (2) lives lost in Ondo-Ugboju, Otukpo Local Government Area of Benue State;

“Concerned that the relentless and audacious nature of these attacks suggest a deliberate attempt to decimate these communities, and if urgent security interventions are not immediately deployed, the situation will degenerate into a complete breakdown of law and order, alongside a looming food crisis as farmers are forced to abandon their farmlands out of fear for their lives.

“Accordingly resolved to (PRAYERS):

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“1. Observe a minute of silence in honor of the twenty (20) innocent citizens who were gruesomely murdered in Akpachi-Ugboju and Otukpo-Nobi, and others who may have lost their lives in the fresh attack on Ondo Ugboju.

“2. Condemn in the strongest possible terms the unprovoked killings and destruction of properties by suspected bandits in Ugboju and Otukpo Districts.

“3. Urge the Inspector General of Police (IGP), the Chief of Army Staff (COAS), and other relevant security agencies to immediately deploy a heavy security presence to Akpachi-Ugboju, Otukpo-Nobi, Ondo Ugboju, and surrounding communities to restore normalcy, protect lives, and prevent further attacks.

“4. Mandate the Inspector General of Police to conduct a thorough investigation into the attacks, track down the perpetrators, and ensure they are brought to justice to serve as a deterrent to others.

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“5. Urge the National Emergency Management Agency (NEMA) and the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to urgently mobilize and supply relief materials (including food, medical supplies, and shelter) to the displaced persons and the injured currently receiving treatment in various hospitals.

“6. Mandate the Senate Committees on Police Affairs, Defense, and National Security and Intelligence to interface with the heads of security agencies to evaluate their operational strategies in Benue South and ensure compliance with these resolutions.

“I so move.”

In his response, the President of the Senate, Senator Godswill Akpabio, GCON, sympathized with Senator Moro and the people of Benue South over the attacks. He said Nigerians deserved the right to sleep in their houses with their eyes closed and go about their lawful activities without fear.

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He expressed optimism that the resolutions of the senate would be implemented to forestall future occurrence in the affected communities and indeed the entire country.

A minute silence was observed in honour of all those who died in the attacks.

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Tinubu’s Govt Makes Fresh Appointment

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The Federal Government has inaugurated a Ministerial Advisory Committee made up of economists, public finance experts and private sector leaders to strengthen economic policymaking and support the implementation of ongoing fiscal reforms.

Members of the committee include the Managing Director of Sterling Bank, Abubakar Suleiman; the Chief Executive Officer of Economic Associates, Dr Ayo Teriba; the President of the Capital Market Academics of Nigeria, Prof. Uche Uwaleke; and the Director-General of the Lagos Chamber of Commerce and Industry, Chinyere Almona, among others.

Speaking during the inauguration in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the committee as a strategic partnership between the public and private sectors aimed at closing the gap between policy formulation and implementation.

He said the committee would provide independent, evidence-based advice to support government decisions and help ensure that ongoing economic reforms improve the lives of Nigerians.

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According to Oyedele, the Tinubu administration has introduced major reforms, including the removal of fuel subsidy, the unification of the foreign exchange market and the implementation of tax reforms to improve fiscal sustainability.

He said the government’s priority is to ensure these reforms lead to job creation, lower inflation, improved business confidence and better living standards.

“The committee will serve as a bridge between policy design and implementation by providing practical, evidence-based recommendations that strengthen government decisions and anticipate emerging economic risks,” Oyedele said.
The minister explained that the committee would not exercise executive powers or replace any existing government institution but would provide objective analysis and practical policy recommendations.

He urged members to assess how government policies affect businesses and households and recommend adjustments where necessary.

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According to him, the committee will focus on economic policy, public financial management, economic coordination and strategies to ensure reforms produce meaningful national results.

Oyedele also restated the Federal Government’s goal of achieving seven per cent annual economic growth and building a $1 trillion economy by 2030.

He praised the members for agreeing to serve without pay, describing their decision as an act of patriotism. He assured them that their recommendations would help shape ministerial decisions and government policies.

The minister also encouraged the committee to remain objective, challenge existing assumptions and base its recommendations on credible evidence rather than political considerations.

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He urged members to engage with businesses, manufacturers and citizens so that government policies reflect the realities across the country.

Earlier, the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, described the committee as a strategic platform for evidence-based economic policymaking.

Omachi said the advisory body consists of economists, public finance specialists, governance professionals, development experts and private sector representatives who will provide advice on fiscal reforms, government efficiency, stakeholder engagement and economic coordination.

He added that the committee would support efforts to strengthen fiscal sustainability, improve public confidence and advance Nigeria’s economic transformation agenda.

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Omachi congratulated the members on their appointment and thanked them for offering their expertise in service to the country.

Speaking on behalf of the committee, its chairman, Abubakar Suleiman, assured that members would focus on practical and workable recommendations.

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