Senate to summon CBN, NNPCL, 40 MDAs over revenue probe

The Nigerian Senate is set to summon key financial institutions and government agencies, including the Central Bank of Nigeria and the Nigerian National Petroleum Company Limited, over their alleged refusal to account for public funds. The move follows accusations by Senator Sani Musa, chairman of the Senate Committee on Finance, that numerous agencies are obstructing legislative oversight.

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As part of our constitutional mandate under Sections 88 and 89 of the Constitution, the Senate Committee on Finance conducts periodic investigative hearings to examine the financial operations of Government-Owned Enterprises and Ministries, Departments and Agencies.

Musa stated that the committee is exercising its constitutional powers under Sections 88 and 89 of the 1999 Constitution to investigate the financial operations of public enterprises. The inquiry focuses on internally generated revenue, stamp duty collections, operating surpluses, and statutory remittances to the Consolidated Revenue Fund.

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More concerning is that some have taken the position that they are under no obligation to appear before the committee or submit the requested information, notwithstanding the clear constitutional and statutory powers vested in the National Assembly to conduct oversight over the finances and administration of public institutions.

The senator expressed deep concern over agencies either ignoring or outright refusing committee invitations. "More concerning is that some have taken the position that they are under no obligation to appear before the committee or submit the requested information," Musa said, warning that such actions undermine the National Assembly's constitutional authority and could erode fiscal accountability and transparency.

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These developments constitute a serious challenge to the effective discharge of the committee’s oversight responsibilities and undermine the constitutional authority of the Senate. If left unchecked, they could erode legislative oversight, weaken fiscal accountability and diminish transparency in the management of public resources.

Furthermore, Musa accused some revenue-generating agencies of violating the Fiscal Responsibility Act and the Finance Act 2022. He alleged that these agencies are retaining a significant portion of government revenue instead of remitting it to the federation's coffers, with some holding onto funds since 2020. The Senate's action signals a strong intent to enforce financial regulations and accountability among government bodies.

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These are agencies that collect revenue for government, and the Fiscal Responsibility Act as well as the Finance Act 2022 direct that all Ministries, Departments and Agencies must comply with the financial regulations on remittances. Most of them don’t comply. Instead of remitting what is required by law, they retain the larger percentage of the revenue and remit only a fraction. We need to call them to order.