Rowdy Session as Reps Summon CBN Governor Over ₦5.2 Trillion Surplus, ₦11 Trillion Revenue Gaps

A heated drama unfolded at the House of Representatives on Tuesday following revelations that the Central Bank of Nigeria (CBN) allegedly failed to remit over ₦5.2 trillion in operating surpluses to the Federal Government.

The apex bank was also accused of involvement in ₦11 trillion revenue discrepancies linked to the Remita Revenue Collection System.

The uproar began after Hon. Bamidele Salam presented the findings of the Public Accounts Committee (PAC), which detailed several financial irregularities at the CBN. The PAC investigation, based on the 2022 Auditor-General’s Report and covering March 1, 2015 to April 30, 2016, uncovered major shortfalls, unexplained variances, and missing balances amounting to trillions of naira.

Tension escalated when Rep. Mustapha Tijjani Ghali proposed that the case be withdrawn from PAC and reassigned to a special ad-hoc committee. He argued that the seriousness of the allegations and the sensitivity of the CBN warranted a broader, House-wide probe.

However, the proposal was met with strong resistance from several lawmakers, led by Rep. Ahmed Jaha, who accused Ghali of attempting to undermine PAC’s constitutional authority and derail an investigation already nearing completion.

The chamber soon descended into chaos as lawmakers shouted over one another, causing proceedings to stall for more than 15 minutes. Calm was eventually restored after Speaker Abbas Tajudeen intervened with a stern warning. Clearly irritated, he cautioned members against further disruptions, reminding them of their duty to handle matters of national importance with dignity and respect.

Once order returned, lawmakers revisited the core issues. They reaffirmed that the Constitution, the Fiscal Responsibility Act, the CBN Act, the Finance Act, and House Standing Orders give PAC full authority to investigate revenue management across federal institutions.

PAC’s findings revealed:

Unremitted Operating Surpluses:
The CBN reportedly owes the Federal Government ₦5.2 trillion in operating surpluses from 2016–2022.
CBN collection: ₦954,302,576.67
Refunds made: ₦0.00
Variation: ₦954,302,576.67

Revenue Discrepancies, ₦11.09 Trillion:
PAC noted a significant gap between CBN’s claimed collections of ₦8.736 billion and computed figures of ₦19.834 billion leaving an unexplained difference of ₦11.098 billion.

Missing System Migration Balance:
During the CBN’s internal core banking migration, ₦2.686 trillion was reportedly unaccounted for.
Using the Monetary Policy Rate of 27.25%, PAC calculated accrued interest of ₦2.329 billion, bringing the total amount due for refund to ₦3.283 billion.


Lawmakers expressed concern that despite repeated invitations, the CBN Governor, Mr. Yemi Cardoso, and top management had refused to appear before PAC or remit the outstanding funds. They stressed that withholding government revenue at a time of economic hardship, security challenges, and pressing national needs is unacceptable and threatens financial stability.

At the end of the heated session, the House passed a resolution summoning the CBN Governor to appear next Tuesday. He is expected to explain the non-remittance of the revenue in question, reconcile the ₦11 trillion discrepancy, address the ₦5.2 trillion surplus shortfall, clarify the missing ₦2.686 trillion system migration balance, and present a clear roadmap for returning all outstanding funds to designated government accounts.