Senate Threatens Sanctions Against CBN, NNPCL, 45 MDAs Over Revenue Probe

The Senate has warned the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and 45 other ministries, departments and agencies (MDAs) to honour invitations issued by its Committee on Finance or face sanctions in the ongoing investigation into alleged non-remittance of revenue.

The upper legislative chamber directed the affected agencies to appear before the committee to respond to allegations that they failed to remit their operating surpluses into the Federation Account as required under the Fiscal Responsibility Act, 2007and other extant financial laws.

The resolution followed the adoption of a motion sponsored by Senator Sani Musa (Niger East), who accused the agencies of withholding revenues due to the Federation Account while repeatedly ignoring summons issued by the Senate Committee on Finance.

According to Musa, the alleged failure to remit public funds had deprived the federal government of critical revenue needed for development, weakened fiscal transparency and undermined the National Assembly’s oversight responsibilities.

Responding to the motion, Senate President Godswill Akpabio dismissed claims by some agencies that Senate committees lacked the constitutional authority to summon them.

Akpabio maintained that the National Assembly is constitutionally empowered to exercise oversight over all agencies entrusted with public funds, warning that any institution that fails to honour legislative invitations would face appropriate sanctions.

“The National Assembly has the constitutional responsibility to ensure accountability in the management of public resources. No agency is above legislative oversight,” he said.

Among the agencies directed to appear before the committee are the Central Bank of Nigeria (CBN), Nigerian National Petroleum Company Limited (NNPCL), Computer Professionals (Registration Council of Nigeria) (CPN), Federal Airports Authority of Nigeria (FAAN), Federal Medical Centre, Jabi, Federal Mortgage Bank of Nigeria (FMBN), Federal Radio Corporation of Nigeria (FRCN), Industrial Training Fund (ITF), Institute of Agricultural Research and Training, Joint Admissions and Matriculation Board (JAMB), National Agency for Science and Engineering Infrastructure (NASENI), National Examinations Council (NECO), and the National Hajj Commission of Nigeria (NAHCON).

Others include the National Inland Waterways Authority (NIWA), National Insurance Commission (NAICOM), National Space Research and Development Agency (NASRDA), Nigeria Agricultural Quarantine Service (NAQS), Nigeria Deposit Insurance Corporation (NDIC), Nigeria Integrated Water Resources Management Commission, Nigeria Reinsurance Corporation (Nigeria Re), Nigeria Social Insurance Trust Fund (NSITF), Nigerian Agricultural Insurance Corporation (NAIC), Nigerian Airspace Management Agency (NAMA), Nigerian Civil Aviation Authority (NCAA), and the Nigerian Commodity Exchange, among others.

The Senate consequently mandated its Committee on Finance to engage with the affected agencies, conclude its investigation, and submit its findings and recommendations to the chamber for further legislative action.