The House of Representatives Committee on Public Accounts has directed the Central Bank of Nigeria (CBN) to complete all ongoing reconciliation with the Ministry of Finance and the Fiscal Responsibility Commission (FRC) by January 19, 2026. The review concerns alleged unremitted revenues to the Federal Government Account.

The directive came from Committee Chairman Bamidele Salam after the CBN requested additional time to appear before the committee, following a House resolution summoning the apex bank’s governor over previous missed invitations.

Salam recalled the December 10 House resolution, which mandated the CBN Governor’s appearance, stemming from alleged violations of the 1999 Constitution and the Fiscal Responsibility Act. Reports from the FRC, the Office of the Attorney-General, and a special audit by consultants claim that the CBN failed to remit approximately N5.2 trillion in operating surpluses to the Consolidated Revenue Fund between 2015 and 2022.

Additional findings include:

• N954.3 million in pending remittances after the transition to the Treasury Single Account (TSA)
• N11.09 billion in discrepancies
• N2.686 trillion uncovered during the migration of Federal Government balances
• N521.7 million in Value Added Tax (VAT) on remittance transactions

Minister of Finance and Coordinating Minister of the Economy Wale Edun emphasized the importance of federal revenue for governance, budgeting, and public investment. He stressed that reconciliation between fiscal and monetary authorities is ongoing but must be guided by a clear framework and timeline to ensure transparency and accountability.

Chairman of the House Committee on Public Assets, Ademorin Kuye, requested that the CBN be allowed extra time to complete the reconciliation, noting that the 2025 budget relies heavily on projected revenues and that delays should be avoided. He added that the final findings must be submitted to the House plenary by the end of January 2026.

Charles Abeta, representing the FRC, acknowledged past challenges in engagement with the CBN but expressed readiness for constructive dialogue. He highlighted that amendments to the Fiscal Responsibility Act through the Finance Act 2020 have strengthened enforcement powers, allowing better compliance with revenue remittances.

The Committee set January 19, 2026, as the deadline for submitting reconciliation reports and January 26, 2026, for the personal appearance of the CBN Governor. Salam noted that the final hearing on January 26 would lead to the committee presenting its findings and recommendations to the House plenary.