The House of Representatives Public Accounts Committee (PAC) has directed the Office of the Accountant-General of the Federation (OAGF) to submit comprehensive records of outstanding revenues allegedly owed to the federal government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and other revenue-generating agencies. The committee also demanded explanations over allegations that the OAGF withdrew billions of naira from the accounts of several government agencies, including the Universal Basic Education Commission (UBEC), without promptly refunding the funds.
CBN Allegedly Owes ₦5.3 Trillion
During the session on Monday, committee member Gboyega Isiaka (APC, Ogun) raised concerns over persistent failures by government-owned enterprises to remit their statutory operating surpluses. He said, "Considering our GDP, ours is one of the lowest in the continent, at about 16 per cent. Now, I know that business entities are meant to return about 80 per cent of their taxes, and others are between 20 per cent and 50 per cent." He questioned the backlog of remittances and the performance of entities given their assets.
Responding, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN allegedly has an outstanding obligation of about ₦5.3 trillion in unremitted operating surplus. He explained that under existing financial regulations, about 70 per cent of the eligible operating surplus is expected to be paid into the federal government’s account. He said, "Early last year, they owed the federal government ₦5.3 trillion for their operating surplus, and despite all the effort of the PAC, ₦5.3 trillion CBN, and despite the effort of the PAC to recover the money, they refused to pay…70 per cent of that money should be paid and behold, CBN refused to pay." He added that FAAN paid ₦473 billion.
OAGF Defends Automatic Deductions
The hearing also examined the controversial policy of automatic deductions from the accounts of ministries, departments and agencies (MDAs). Accountant-General Shamseldeen Ogunjimi defended the policy as an advanced recovery mechanism that boosted government revenue but faced resistance. He noted that some agencies secured reversals after appealing to President Bola Tinubu. He accused the NNPCL of refusing to cooperate, stating, "So we have been battling with that, and that’s why we were not able to return to what we had last year to that level. And you also have instances where agencies like NNPC refused to cooperate entirely… to the extent that they had to be walked out for non-compliance." A post-mortem committee is handling unresolved liabilities.
Lawmakers Question Withdrawals from UBEC, NASENI Accounts
Committee Chairman Bamidele Salam cited complaints from UBEC, NASENI, and the NBC. UBEC alleged that approximately N16 billion approved for expenditure in November 2025 was not released, while another N15 billion was withdrawn from its account and not refunded. Salam warned that depriving UBEC of allocations undermines efforts to tackle Nigeria’s education crisis.
Accountant-General Ogunjimi acknowledged temporary borrowing from agency accounts to meet urgent obligations, insisting that funds are refunded when needed, citing TETFund as an example. However, the committee rejected this justification, noting that agencies reported disruptions to their statutory responsibilities.
The committee directed the OAGF to provide detailed records of outstanding revenue remittances and documentation on all withdrawals, refunds, and outstanding balances involving statutory funds of MDAs under investigation.
