The House of Representatives descended into a tense and rowdy session on Wednesday, December 10, while debating a motion to summon Central Bank of Nigeria Governor, Yemi Cardoso, over alleged non-remittance of ₦11 trillion in federal revenue.
The motion, sponsored by Bamidele Salam, chairman of the Public Accounts Committee (PAC), alleged that the CBN failed to remit multiple categories of government funds collected through the Remita system between 2015 and 2022.
Salam highlighted that the apex bank has an undisputed liability of ₦5.2 trillion in unpaid operating surpluses from 2016 to 2022, and failed to refund ₦954.3 million in charges.
With interest at the monetary policy rate of 27.25 percent, the total due rises to ₦3.28 billion.
He further noted a discrepancy between the bank’s reported collection of ₦8.74 billion and the committee’s own computation of ₦19.83 billion, leaving a gap of ₦11.1 billion.
“The committee has uncovered that the Central Bank of Nigeria is indebted to the federal government in the sum of over ₦11 trillion,” Salam said, stressing that Cardoso had ignored repeated invitations to account for the funds.
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Disagreement erupted when Ghali Tijjani suggested forming an ad hoc committee to investigate, with Speaker Tajudeen Abbas proposing it be led by Salam and include key committee chairs.
Some lawmakers, including Sada Soli and Ahmed Jaha, opposed the idea, insisting that PAC should handle the investigation directly.
The debate became chaotic, forcing Abbas to restore order and warn against unparliamentary behaviour, cautioning members Mark Esset and Kabiru Mai Palace against further misconduct.
After order was restored, the House voted to summon Cardoso and relevant agencies to appear before PAC, explain the discrepancies, and submit a plan for immediate remittance. Cardoso is scheduled to appear on December 16.
Lawmakers emphasised that recovering these funds is vital for national stability, economic sustainability, and addressing pressing developmental and security needs.