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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.

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By Gloria Ikibah

It was an emotional moment in Abuja as members of the Peculiar Widows’ Forum journeyed from Makurdi, Benue State, to celebrate the 63rd birthday of the Coordinator of the Abuja Metropolitan Management Council (AMMC), Chief Felix Amaechi Obuah, in recognition of his years of selfless support to widows and other vulnerable groups.

The visit was marked by prayers, songs and heartfelt testimonies, as the widows reflected on decades of philanthropy and humanitarian outreach by the Rivers State-born public servant, whose kindness, they said, had crossed state boundaries and restored dignity to countless lives.

Leading the delegation, Regina Peter described Chief Obuah as a rare leader whose compassion had brought relief and hope in moments of despair.

“I thank this man of vision and ambition who chose to wipe tears from our eyes.

“The Bible tells us that giving to a widow or the poor is giving to God Himself. He has become our prayer point—we gather to pray for him. We have representatives in the House, senators, and governors among us, yet none stepped forward. A stranger chose to help, and in Jesus’ name, he will go far and fulfill his destiny”, she said.

Also speaking, the Secretary of the Widows’ Forum, Esther Dominic, portrayed Chief Obuah as more than a benefactor, describing him as a father figure and a source of strength during difficult times.

“He has a genuine passion for the less privileged.

“God will crown him with favour because he loves us as we love him. When no one remembered us, he gave us food. Even though we’re not from Rivers or Delta States, he’s always been there, wiping our secret tears and giving us hope amid insurgency’s challenges,” she said.

The widows prayed for continued strength, favour and divine guidance for Chief Obuah, describing him as a God-fearing man whose quiet acts of generosity, they said, would be rewarded openly.

“Words can’t express our love, We deem it fit to honor him here, and whatever he’s seeking, he will surely get. Better days lie ahead—even as governor.” She added

Their tribute set a warm tone for the intimate gathering, highlighting the ripple effect of Chief Obuah’s selfless service.

Humbled and grateful, Chief Obuah responded with characteristic modesty. “Today, I’ve added another year, but by God’s special grace, I’m healthy and happy.

“I never planned a celebration, but the love from these widows who’ve journeyed from Makurdi overwhelms me. I give God all the glory. I’ll keep putting smiles on faces and adding value to lives. Nicknamed ‘Go Round,’ I believe no matter how small, help should reach everyone.

“Even on a low-key day in the office, this joy is priceless,” he said.

A prominent businessman and philanthropist, Chief Obuah leads AMMC with vision, driving urban development, security enhancements, environmental cleanliness, and infrastructure improvements in Nigeria’s capital.

His philanthropy extends nationwide, supporting education, healthcare, and marginalized groups. Colleagues and beneficiaries alike praise his integrity, humility, and unwavering commitment.

This quiet birthday gathering stands as a powerful testament to one man’s legacy: a life of compassion that inspires, unites, and transforms

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By Gloria Ikibah

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hs said that the Federal Government recorded a significant revenue shortfall in the 2025 fiscal year.

The Minister disclosed this during an interactive session on the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with the House of Representatives Committees on Finance and National Planning on Tuesday in Abuja.

According to Edun, the sum of N40.8 trillion was initially projected as revenue for 2025 to fund the N54.9 trillion “budget of restoration” which is aimed at securing peace and rebuilding prosperity.

However, the current performance indicates that total revenue for the year is likely to end at about N10.7 trillion.

He blamed the shortfall mainly to weak oil and gas revenues, particularly Petroleum Profit Tax (PPT) and Company Income Tax (CIT) from oil and gas companies, as well as underperforming subheads.

“The current trajectory indicates that federal revenues for the full year will likely end at around N10.7 trillion, compared to the ₦40.8 trillion projection,” Edun said.

He added that while the government had also borrowed about N14.1 trillion, the combined inflows remained far below what was required to fully fund the 2025 budget.

Despite the shortfall, Edun said the government had met key obligations through what he described as prudent treasury management.

He noted that salaries, statutory transfers, and domestic and foreign debt service had been paid as and when due through “skillful, imaginative and creative handling” of available resources.

Providing an update on expenditure performance, the minister said capital releases to Ministries, Departments and Agencies (MDAs) in 2024 stood at N5.2 trillion out of a budgeted N7.1 trillion, representing 73 per cent performance, while total capital expenditure, including multilateral and bilateral projects, reached N11.1 trillion out of N13.7 trillion, or 84 per cent.

Edun urged that expenditure plans tied to oil revenues should remain flexible, this is as he warned against committing government to obligations based on projections that had repeatedly failed to materialise.

“We must be ambitious, but given the experience of the past two years, spending linked to these revenues must depend on the funds actually coming in,” he said.

Minister of Budget and National Planning, Atiku Bagudu, said the MTEF and FSP were developed through extensive consultations with government agencies, the private sector, civil society and development partners.

Bagudu acknowledged the debate within the Economic Management Team over revenue assumptions, noting that while some advocated conservative projections based on past performance, others argued for ambitious targets to compel revenue agencies to improve performance.

He explained that for the 2026 budget, the government retained a target oil production of 2.06 million barrels per day but adopted a more cautious production assumption of 1.84 million barrels per day for revenue calculations.

Bagudu urged that more be done to drive revenue generating agencies to do more.

Earlier Chairman of the Committee, Rep. James Faleke, said at this critical time of the country’s economy, there should be a critical analysis to guide against bloated budgets and to help take the proper decisions to move the country forward.