Reps Direct Accountant-General to Disclose CBN, NNPC Revenue Debts, Probe MDA Fund Withdrawals

Nigeria's House of Representatives has demanded a full disclosure of revenue debts owed by the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Company (NNPC). The Public Accounts Committee issued a directive to the Accountant-General of the Federation to reveal the extent of these outstanding debts. Concurrently, the committee is scrutinizing withdrawals made from the Universal Basic Education Commission (UBEC) and other government agencies. The Accountant-General, performing his duties, defended these deductions, characterizing them as temporary borrowing. He stated these funds were necessary to meet urgent government obligations, implying a liquidity challenge within the public finance system. This move by the lawmakers signals a heightened focus on fiscal transparency and accountability within Nigeria's public institutions, particularly concerning revenue management and inter-agency fund movements.

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The Accountant General defended the practice as temporary borrowing to meet critical government obligations.