The House of Representatives Public Accounts Committee (PAC) has directed the Office of the Accountant-General of the Federation (OAGF) to submit a detailed report on outstanding operating surplus and other revenues allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other government agencies.
The committee also demanded explanations over allegations that the OAGF deducted billions of naira from the accounts of several Ministries, Departments and Agencies (MDAs), including the Universal Basic Education Commission (UBEC), without refunding the funds promptly.
The resolutions followed an investigative hearing attended by the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi.
Lawmakers Raise Concerns Over Revenue Leakages
Committee member Gboyega Nasir Isiaka expressed concern over persistent revenue leakages and the failure of some government-owned enterprises to remit their statutory operating surplus to the Federal Government.
He said the committee required a comprehensive record of outstanding remittances and requested details on whether major revenue-generating agencies, including the CBN, the Securities and Exchange Commission (SEC), the Nigerian Maritime Administration and Safety Agency (NIMASA) and others, were meeting their financial obligations.
OAGF Says CBN Owes N5.3trn
Responding, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, said the CBN had an outstanding operating surplus of about N5.3 trillion yet to be remitted to the Federal Government.
According to him, the apex bank had not complied with the remittance requirement despite efforts by the Public Accounts Committee to recover the funds.
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He added that while some agencies had made substantial payments, including the Federal Airports Authority of Nigeria (FAAN), which reportedly remitted N473 billion, compliance across several other agencies remained poor.
Accountant-General Defends Deductions
Explaining the OAGF’s policy of deducting funds directly from the accounts of government agencies, Ogunjimi said the measure was introduced to recover operating surplus owed to the Federal Government in advance.
He said the policy boosted government revenue last year but was resisted by some agencies, many of which later sought presidential approval for the deductions to be reduced or reversed.
According to the Accountant-General, some agencies secured approval for partial or total reversals, while the NNPCL failed to cooperate with the implementation of the policy.
He disclosed that disagreements with the NNPCL were still being reviewed by a post-mortem committee established to resolve the issues.
Mogaji explained that the deductions were based on estimated operating surplus, with final reconciliations carried out later to determine whether agencies had been overcharged or still had outstanding liabilities.
UBEC, NASENI Petition Committee
Committee Chairman Bamidele Salam questioned the legality of the deductions after receiving petitions from agencies, including UBEC and the National Agency for Science and Engineering Infrastructure (NASENI).
Salam said UBEC alleged that about N16 billion approved under its Authority to Incur Expenditure had not been released, while another N15 billion was withdrawn from its account without being refunded.
He added that NASENI and several other agencies had submitted similar complaints, which are now under investigation by the committee.
OAGF Insists Funds Were Temporary Loans
Defending the deductions, Ogunjimi said the funds were temporarily borrowed with the approval of the Federal Government to address urgent financial obligations.
He maintained that the OAGF did not arbitrarily withdraw money from agency accounts, explaining that only idle funds were considered after obtaining approval from the Minister of Finance.
As an example, he said more than N300 billion borrowed from the Tertiary Education Trust Fund (TETFund) had been fully refunded.
Committee Demands Full Records
Salam rejected the justification, arguing that withholding statutory allocations could disrupt the operations of government agencies and affect the delivery of essential public services.
He warned that delaying funds meant for agencies such as UBEC could undermine efforts to improve education and reduce the number of out-of-school children by slowing the provision of schools, learning materials and other infrastructure.
The committee directed the OAGF to submit detailed records of all deductions from MDAs, outstanding refunds and operating surplus yet to be remitted by government agencies to support its ongoing investigation.
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Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.