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The Digest:

The House of Representatives has summoned Central Bank Governor Olayemi Cardoso to appear before its Public Accounts Committee. This follows a motion alleging the CBN failed to remit N16.3 trillion in operating surpluses and collected revenues to the Federal Government between 2016 and 2022.

Key Points:
  • The motion was moved by the PAC Chairman, Hon. Bamidele Salam, citing findings from the 2022 Auditor-General's report and Remita system audits.
  • The alleged non-remittance includes N5.2 trillion in operating surpluses and N11.09 trillion in revenue discrepancies.
  • The committee also highlighted an outstanding N2.68 trillion said to be owed to the Federal Government's Asset Recovery Account.
  • Lawmakers expressed displeasure that the CBN Governor had repeatedly ignored formal invitations from the committee.
  • A rowdy session erupted when some members moved to amend the motion, proposing that the Governor appear before an ad-hoc committee instead of the PAC.
  • Speaker Abbas Tajudeen struggled to maintain order, warning members against "embarrassing the institution."
  • After restoring decorum, the House adopted the motion, summoning Cardoso and Remita officials to appear on December 16.
  • The summons underscores heightened legislative scrutiny of revenue management amid the nation's fiscal challenges.
The uproar in the chamber reflects the high-stakes tension where vast sums and institutional accountability collide, testing the balance between oversight and order in governance.

Sources: The Cable, Vanguard Newspaper