Senate Moves to Summon NNPCL, CBN, Others

The Senate has begun moves to compel several revenue-generating agencies and government-owned institutions to appear before its Committee on Finance over allegations that they failed to remit funds into the Consolidated Revenue Fund (CRF).

The planned action follows growing concern among lawmakers over the refusal of some Ministries, Departments and Agencies (MDAs) to honour invitations to ongoing sessions reviewing internally generated revenue and operating surplus remittances.

To address the issue, the Senate directed its Committee on Finance to prepare a motion that would require the affected organisations to appear before the committee and explain their financial records. The motion is expected to be sponsored by the committee’s chairman, Senator Sani Musa, who represents Niger East Senatorial District.

Lawmakers want the agencies to account for revenues generated between 2023 and 2025 and provide explanations over claims that required remittances were not paid into the Consolidated Revenue Fund as stipulated by law.

Among the agencies expected to appear before the committee are the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria (CBN) and the Federal Radio Corporation of Nigeria (FRCN).

Other institutions listed include the Joint Admissions and Matriculation Board (JAMB), the National Examinations Council (NECO), the Federal Medical Centre, Jabi, the Nigeria Deposit Insurance Corporation (NDIC), the Nigerian Shippers’ Council and the National Hajj Commission of Nigeria (NAHCON).

The Senate reached the decision after Senator Musa raised a point of order during Wednesday’s plenary. He expressed concern that several agencies had ignored invitations issued by the Committee on Finance despite the ongoing review of government revenue.

The committee began the exercise last week as part of efforts to examine the financial records of federal agencies and government-owned enterprises. The review is intended to determine whether the organisations have complied with legal requirements governing the remittance of internally generated revenue and operating surpluses into the Consolidated Revenue Fund.

Lawmakers believe the exercise will help strengthen financial accountability, improve revenue management and ensure that government institutions comply with existing financial regulations.