The Senate of the Federal Republic of Nigeria has stepped up its examination of the Central Bank of Nigeria (CBN), following allegations that the apex bank failed to remit about N1.44 trillion in operating surplus to the Federation Account.
The probe comes amid growing demands for transparency and accountability in public finance management.
The hearing was convened by the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mukhail Adetokunbo Abiru (Lagos-East). Chairman Abiru led the session, stating that the matter gained urgency after a national newspaper publication referenced the 2022 Auditor-General’s report which allegedly indicted the CBN for failing to remit the Federal Government’s share of its operating surplus.
The meeting took place at the National Assembly Complex, Abuja, and was attended by a delegation from the CBN led by its Governor, Olayemi Cardoso. Through its representation, the bank was asked to clarify its remittance records, reconcile operating surplus computations, and provide a breakdown of transfers or lack thereof over the relevant financial years.
Beyond the core issue of the N1.44 trillion surplus, the committee also pressed the CBN on broader financial-sector and monetary-policy issues. These include the Cash Reserve Ratio (CRR) regime particularly the 45% CRR on public sector deposits and the 75% CRR for non-TSA public deposits digital-lending regulation, consumer-protection safeguards, measures against cyber-risks, and the status of non-performing intervention loans. Senators argued that the alleged surplus shortfall cannot be viewed in isolation of wider fiscal and monetary governance.
During the session, Governor Cardoso provided an economic update, highlighting what the CBN describes as a macroeconomic turnaround citing declining inflation, stabilised foreign-exchange rates, and renewed investor confidence. While the Senate acknowledged these achievements, Chairman Abiru stressed that such positive macro indicators must be matched by full financial transparency and compliance with remittance rules.
The Senate has directed the CBN to submit detailed documentation including audited accounts, surplus-computation tables, remittance schedules, and explanations of intervention-loan portfolios to allow for a full reconciliation.
The committee has warned that failure to provide satisfactory explanations may result in recommended sanctions or recovery procedures.
As the inquiry unfolds, Nigerians await to see whether the alleged N1.44 trillion gap is a result of accounting interpretations, timing mismatches, or a sign of systemic non-compliance. The outcome will likely carry significant implications for fiscal governance and oversight of revenue-generating institutions.
Senate Probes CBN Over Alleged N1.44tn Unremitted Operating Surplus
