The House of Representatives has summoned Central Bank Governor Olayemi Cardoso to appear before its Public Accounts Committee. This follows a motion alleging the CBN failed to remit N16.3 trillion in operating surpluses and collected revenues to the Federal Government between 2016 and 2022..Read Full Original
Key Points:
The motion was moved by the PAC Chairman, Hon. Bamidele Salam, citing findings from the 2022 Auditor-General’s report and Remita system audits.
The alleged non-remittance includes N5.2 trillion in operating surpluses and N11.09 trillion in revenue discrepancies.
The committee also highlighted an outstanding N2.68 trillion said to be owed to the Federal Government’s Asset Recovery Account.
Lawmakers expressed displeasure that the CBN Governor had repeatedly ignored formal invitations from the committee.
A rowdy session erupted when some members moved to amend the motion, proposing that the Governor appear before an ad-hoc committee instead of the PAC.
Speaker Abbas Tajudeen struggled to maintain order, warning members against “embarrassing the institution.”
After restoring decorum, the House adopted the motion, summoning Cardoso and Remita officials to appear on December 16.
The summons underscores heightened legislative scrutiny of revenue management amid the nation’s fiscal challenges.
The uproar in the chamber reflects the high-stakes tension where vast sums and institutional accountability collide, testing the balance between oversight and order in governance.Read Full Original
Sources: The Cable, Vanguard Newspaper