Reps Give CBN Deadline to Reconcile N5.2tn Unremitted Operating Surplus

The House of Representatives has issued a deadline to the Central Bank of Nigeria (CBN) to reconcile and remit outstanding operating surplus funds owed to the Federal Government, intensifying legislative oversight of the apex bank’s financial operations.
The lawmakers said the CBN is yet to account for an estimated ₦5.2 trillion in unremitted operating surplus covering several financial years. The figure was identified in reports submitted by the Office of the Auditor-General for the Federation and corroborated by findings from relevant oversight agencies.
The matter was considered by a joint committee of the House, drawn from the Committees on Public Accounts and Public Assets, which is investigating alleged violations of the Fiscal Responsibility Act, 2007, and the Finance Act, 2020 relating to statutory remittances and the management of public funds.

The committee directed the CBN to remit ₦3.64 trillion, representing a substantial portion of the undisputed amount, within a stipulated period while reconciliation of the remaining balance continues.

Lawmakers expressed concern over the failure of the CBN Governor to honour several invitations to appear before the committee to provide explanations on the status of the funds and ongoing reconciliation efforts.

In addition to the operating surplus, the CBN was also asked to submit a detailed report on unclaimed dividends and dormant account balances, as required under existing financial regulations. The Finance Act mandates that unclaimed funds beyond a defined period be transferred to the Unclaimed Funds Trust Fund for proper management.

The House warned that continued non-compliance could attract further legislative action, stressing its constitutional responsibility to ensure transparency, accountability, and prudent management of public finances.

The lawmakers reaffirmed their commitment to ensuring that all government agencies comply with statutory remittance obligations in the interest of fiscal discipline and national development.