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.
