Nigeria Reps probe CBN, NNPCL surplus remittances

The House of Representatives Public Accounts Committee (PAC) has intensified its investigation into revenue remittances by federal agencies, directing the Nigeria — Office of the Accountant General of the Federation (OAGF) to provide detailed records of outstanding operating surplus allegedly owed by the Nigeria — Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and other government-owned enterprises. During an investigative hearing, the OAGF's Director of Revenue and Investment, Makinde Mogaji, disclosed that the CBN allegedly owes the Federal Government N5.3 trillion in unremitted operating surplus, despite previous efforts by the PAC to recover the funds. The committee also demanded explanations over allegations that the OAGF deducted billions of naira from the statutory accounts of several agencies, including N15 billion from the Nigeria — Universal Basic Education Commission (Nigeria) (UBEC), without prompt reimbursement. Accountant-General Shamseldeen Ogunjimi defended the policy of automatic deductions as a temporary borrowing mechanism to meet urgent government financing needs, but committee members rejected this justification, warning that such withdrawals undermine agencies' ability to fulfill their mandates. The investigation is expected to continue in the coming weeks as lawmakers seek to enforce compliance with the Fiscal Responsibility Act and recover outstanding revenues.