The Central Bank of Nigeria (CBN) has been indicted by the Office of the Auditor-General for the Federation (OAuGF) for failing to remit over ₦4.304 trillion to the Federation Account.
According to the 2022 audit report by the OAuGF, the apex bank was listed alongside the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Nigeria Lottery Regulatory Commission, and the Universal Service Provision Fund for under-remitting operating surplus amounting to about N1.473 trillion.
The report further revealed that the Transmission Company of Nigeria (TCN) and 10 other ministries, departments and agencies (MDAs) failed to recover debts of about N1.769 trillion owed to the federal government.
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Other institutions indicted include the Standards Organisation of Nigeria, National Eye Centre, Kaduna, and the Institute of Agricultural Research.
The findings were contained in the Auditor-General’s annual report on non-compliance and internal control weaknesses in MDAs, signed by Shaakaa Chira and dated August 21, 2025. It was submitted to the Clerk of the National Assembly.
The report (ref: AuGF/AR.2022/01) highlighted 27 audit queries classified as “cross-cutting issues”, reflecting systemic lapses in financial accountability across several government agencies.
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Specifically, the CBN was accused of failing to recover outstanding revenue and debts totalling N1.413 trillion, in addition to not remitting N1.445 trillion in operating surplus and another N1.445 trillion as internally generated revenue to the Consolidated Revenue Fund during the year under review.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
