SENATE SUMMONS CBN, NNPCL, 40 MDAS OVER PUBLIC FUNDS

The Nigerian Senate has resolved to summon the Central Bank of Nigeria (CBN), Nigerian National Petroleum Company Limited (NNPCL), and approximately 40 other Ministries, Departments, and Agencies (MDAs) over alleged failures in revenue remittance and accountability for public funds.

The decision, taken on Wednesday, follows a motion by Chairman of the Senate Committee on Finance, Senator Sani Musa. Several agencies have reportedly ignored previous invitations, frustrating legislative oversight on government revenues, operating surpluses, and statutory remittances.

Affected institutions include the Federal Airports Authority of Nigeria (FAAN), Nigerian Civil Aviation Authority (NCAA), Nigerian Maritime Administration and Safety Agency (NIMASA), Transmission Company of Nigeria (TCN), and others. The committee cited violations of the Fiscal Responsibility Act and Finance Act 2022, which mandate proper remittances into the Federation Account.

Senator Musa warned that continued non-compliance would attract constitutional sanctions. The summons aims to enforce transparency, curb revenue leakages, and strengthen fiscal discipline amid growing public concerns over the management of national resources.

The Senate Committee on Finance will conduct investigative hearings to ensure full accountability and compliance with financial regulations.