The House of Representatives erupted into a heated row on Wednesday as lawmakers clashed over a motion to summon Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, regarding an alleged N11 trillion in government revenue said to be unremitted by the apex bank.
The motion, sponsored by Bamidele Salam, Chairman of the House Committee on Public Accounts (PAC), accused the CBN of multiple financial infractions spanning 2015 to 2022, including unpaid operating surpluses, unreturned service charges, and discrepancies in Remita collections.
Moving the motion, Salam said the CBN—responsible for administering the Remita payment system under the Fiscal Responsibility Act 2007—failed to account for several categories of federal revenue uncovered during PAC’s probe of the 2022 Auditor-General’s report.
According to him, the committee established that the CBN was holding: N5.2 trillion in unremitted operating surpluses (2016–2022). N954.3 million in service charges that should have been refunded.
With interest calculated at the current 27.25% MPR, the amount due rose to N3.28 billion.
A discrepancy between the CBN’s claimed revenue collection of N8.74 billion and PAC’s own computation of N19.83 billion — a difference of N11.1 billion.
A “migration discrepancy” of N2.686 trillion payable to the FG’s asset recovery account.
“Cumulatively, the committee has uncovered that the Central Bank of Nigeria is indebted to the federal government in the sum of over N11 trillion,” Salam stated.
He lamented that despite several formal communications, Cardoso had “failed, refused, or neglected” to appear before PAC.
Salam warned that with the country facing severe revenue constraints, insecurity, and mounting development needs, recovering all outstanding funds is now critical to national survival.
He prayed the House to summon Cardoso to appear before the plenary.
Trouble began when Ghali Tijjani (Kano) proposed the creation of an ad hoc committee to investigate the matter.
Speaker Tajudeen Abbas initially aligned with Tijjani, suggesting a panel comprising the chairpersons of Banking Regulations, Public Accounts, and Finance committees, with Salam as chair—while Cardoso would be reinvited.
The suggestion sparked instant resistance.
Babajimi Benson, chairman of the Defence Committee, supported the panel.
But Sada Soli (Katsina) fiercely opposed it, describing the revelations as “too damning” to be treated lightly.
“It is unacceptable. It is a wake-up call to stop this rascality,” Soli said, urging a direct summons instead.
Ahmed Jaha argued that Salam’s committee was competent and did not need an ad hoc body.
Ibrahim Isiaka, Deputy Minority Whip, warned that creating a new panel could derail the ongoing investigation.
Olumide Oshoba insisted the constitutionally empowered PAC should finish its job unhindered.
The disagreement plunged the chamber into a 20-minute rowdy session, with lawmakers shouting across the aisle as Speaker Abbas struggled to restore order.
After calm returned, Abbas sternly warned members against unruly behaviour, cautioning Mark Esset (Akwa Ibom) and Kabiru Mai Palace in particular.
In the end, Ahmed Jaha moved an amendment resolving that:
Cardoso and all relevant agencies be summoned to appear before PAC on December 16, explain the alleged non-remittance of federal revenue, and present a concrete repayment plan.
The amended motion was adopted by the House.
Cardoso is now expected to face lawmakers in what analysts say may be one of the most consequential fiscal accountability interrogations in recent years.