Reps Rrder CBN To Remit N3.64TN Operating Surplus in 14 days

The House of Representatives Public Accounts Committee has ordered the Central Bank of Nigeria (CBN) to remit ₦3.64 trillion to the federal government within 14 days. This amount represents 70% of the ₦5.2 trillion in operating surplus that remains unremitted for the years 2016 to 2022.

The directive was issued following the appearance of a CBN delegation, led by Deputy Governor Bala Bello, and the Minister of Finance, Wale Edun, before a joint panel of the Public Accounts and Public Assets Committees on Wednesday.

During the session, the CBN was questioned about its failure to remit surplus funds, along with its handling of unclaimed dividends and dormant bank account balances.

In a formal letter addressed to CBN Governor Yemi Cardoso, signed by committee chairmen Bamidele Salam and Ademorin Aliyu, the lawmakers accused the apex bank of violating the Fiscal Responsibility Act, 2007 and the Finance Act, 2020.

The committee emphasized that the Auditor General for the Federation, supported by the Fiscal Responsibility Commission, confirmed the ₦5.2 trillion shortfall in the CBN’s operating surplus.

Furthermore, the committee criticized the CBN’s claim that the Banks and Other Financial Institutions Act (BOFIA) 2020 authorizes it to manage dormant accounts. They insisted that the Finance Act, 2020 places that responsibility under a Governing Council, which includes the Minister of Finance and the Debt Management Office.

As a result, the committee directed the CBN to:

• Remit ₦3.64 trillion to the federal government within 14 days pending final reconciliation,

• Submit the total value of unclaimed dividends and dormant accounts by June 30, 2025, and

• Transfer all qualified funds into the Unclaimed Funds Trust Fund within the same 14-day period.

The CBN is also expected to provide proof of compliance to the committee’s secretariat by Monday, July 14, 2025, at the National Assembly Complex in Abuja.

The directive signals growing parliamentary scrutiny of the apex bank’s fiscal conduct and aligns with efforts to recover critical public funds.