The House of Representatives has directed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before its Public Accounts Committee after a heated debate broke out on the floor on Wednesday concerning alleged trillions in unremitted government funds.
The decision followed a motion presented by the chairman of the Public Accounts Committee, Bamidele Salam, who cited findings from the Auditor General of the Federation’s 2022 financial report.
According to Salam, the audit uncovered more than N5 trillion in unremitted operating surpluses and an additional N11 trillion in unpaid government revenues allegedly linked to the apex bank.
While presenting the motion, Salam told lawmakers that the CBN governor had repeatedly declined previous invitations from the committee.
A development he described as troubling especially at a time the country faces declining government income, rising security challenges and pressing infrastructure demands.
He insisted that parliament could not overlook such substantial financial discrepancies and urged the House to compel Cardoso to address the concerns directly.
The debate took a chaotic turn when Speaker Tajudeen Abbas suggested that an ad hoc committee should be constituted to examine the allegations instead of compelling the CBN governor to appear before the full House.
The proposal angered several lawmakers, who argued that the Public Accounts Committee being a constitutionally assigned oversight arm should not be sidelined.
Some members openly questioned the rationale behind setting up a new panel when the existing committee already possesses the legal authority to summon the apex bank.
The chamber briefly descended into disorder, prompting the Speaker to caution several lawmakers for what he described as unruly conduct.
After efforts to restore calm and several back-and-forth exchanges, the Speaker yielded to the majority view on the floor.
The House subsequently adopted the motion compelling the CBN governor to appear before the Public Accounts Committee to explain the alleged non-remittance and outline a clear plan for recovery of all outstanding funds.
The date for Cardoso’s appearance is expected to be set by the committee in the coming days.
