By The Senate has threatened to invoke constitutional sanctions against the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and about 40 other government agencies over their alleged failure to honour legislative summons and account for public revenues.
The decision followed a motion sponsored by the Chairman of the Senate Committee on Finance, Senator Sani Musa, during Wednesday’s plenary in Abuja.
Presenting the motion, Musa accused several revenue-generating agencies of frustrating the committee’s ongoing investigation into internally generated revenue, operating surpluses, stamp duty collections, and statutory remittances to the Consolidated Revenue Fund (CRF).
He explained that the committee was acting within the powers granted to the National Assembly under Sections 88 and 89 of the 1999 Constitution (as amended), which empower lawmakers to investigate the finances and administration of public institutions, summon witnesses, and request relevant documents.
According to the senator, the committee regularly conducts investigative hearings to examine the financial operations of government-owned enterprises and Ministries, Departments, and Agencies (MDAs), with a focus on ensuring compliance with laws governing public revenue collection and remittances.
Musa, however, expressed concern that despite several invitations, many of the affected agencies had either failed to appear before the committee or refused to submit the required financial records.
He further alleged that some agencies had maintained they were under no obligation to honour the committee’s invitations, a position he described as contrary to the constitutional oversight powers of the National Assembly.
The lawmaker warned that such actions undermine the Senate’s constitutional responsibilities and could weaken fiscal accountability and transparency in the management of public funds if left unchecked.
Musa also accused several government agencies of improperly retaining revenues in violation of the Fiscal Responsibility Act and the Finance Act 2022.
He stressed that all revenue-generating Ministries, Departments, and Agencies are required by law to remit operating surpluses and other statutory revenues to the Consolidated Revenue Fund in accordance with existing financial regulations.
