By The House of Representatives on Wednesday directed the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, to appear before its Public Accounts Committee (PAC) following fresh allegations that the apex bank failed to remit more than N16 trillion into the Federation Account.
The summons followed a motion presented by the Chairman of PAC, Hon.Bamidele Salam, who requested the House’s approval to invite the CBN Governor for questioning on Tuesday, 16 December 2025, at 11 a.m. He said the Committee expects a full explanation for the alleged non-remittances, as well as a practical plan for returning all outstanding funds to the Federal Government.
Hon. Salam explained that the Committee’s mandate to review financial reports and investigate revenue management is grounded in Sections 85(5), 88 and 89 of the 1999 Constitution and in Order 20, Rule 6 of the House Standing Orders.
He revealed that during PAC’s ongoing review of the Auditor-General’s Report and its investigation into the use of the Remita Revenue Collection System
covering the period from March 2015 to April 2016 the CBN was found to owe N5.2 trillion in operating surpluses accumulated between 2016 and 2022. None of this amount, he said, has been remitted.
The lawmaker also noted irregularities in charges collected by the apex bank. According to him, the CBN received N954.3 million in fees but issued no refunds, resulting in a total refund obligation of N3.28 billion after applying current interest rates.
He added that the Committee uncovered discrepancies in revenue figures, stating that while the CBN claimed collections of N8.7 billion, PAC’s assessment of the same data produced a total of N19.8 billion, leaving a variance of N11.09 billion.
Hon. Salam further disclosed that an additional N2.69 trillion discrepancy was discovered in the migration of data to the CBN’s core system funds he said should be credited to the Federal Government’s Asset Recovery Account.
According to him, PAC’s findings so far show that the CBN may be holding over N11 trillion in revenues that should have been remitted to the Federal Government. He expressed concern that despite multiple formal invitations, the apex bank has not appeared before the committee or addressed the alleged unpaid balances.
The plenary session briefly became heated when Hon. Mustapha Ghali moved a motion seeking to transfer the investigation to an ad-hoc committee comprising the Committees on Finance, Banking Regulations and Public Accounts.
Speaker Abbas Tajudeen, after consulting with the Majority and Minority leadership, initially leaned toward adopting the ad-hoc committee proposal. However, several lawmakers including Hon. Gboyega Isiaka, Hon. Sada Soli, and Hon. Ahmed Jaha cautioned that such a move could sideline the constitutional role of PAC.
They argued that the Public Accounts Committee, led by Rep. Salam, has demonstrated competence and should continue the investigation without interference.
After extensive debate lasting over 30 minutes, the House ultimately resolved that the CBN Governor and other relevant MDAs must appear before PAC on 16 December 2025 to address the alleged non-remittances and present a clear repayment plan.
