By By Elizabeth Ugbo
The Senate on Wednesday resolved to summon the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and about 40 Ministries, Departments and Agencies (MDAs) in Abuja over their alleged failure to honour invitations to account for public funds. The lawmakers took the decision after the Senate Committee on Finance accused the agencies of frustrating legislative oversight by refusing to explain revenue remittances, operating surpluses and compliance with financial laws.
Senate Moves to Strengthen Fiscal Accountability
The resolution followed a motion sponsored by the Chairman of the Senate Committee on Finance, Senator Sani Musa.
Musa said the committee acted under Sections 88 and 89 of the 1999 Constitution, which empower the National Assembly to investigate the finances and administration of public institutions.
According to him, the committee conducts periodic investigative hearings to examine the financial operations of government-owned enterprises and MDAs.
He explained that the ongoing exercise focuses on internally generated revenue, stamp duty collections where applicable, operating surpluses and statutory remittances into the Consolidated Revenue Fund.
Agencies Accused of Ignoring Senate Invitations
Musa lamented that several agencies repeatedly ignored invitations from the committee.
He said some agencies claimed they had no obligation to appear before the committee despite the National Assembly’s constitutional oversight powers.
He described the development as a serious threat to legislative oversight and fiscal accountability.
According to him, continued non-compliance could weaken transparency in managing public resources.
Agencies Allegedly Withholding Government Revenue
The senator also accused several revenue-generating agencies of violating the Fiscal Responsibility Act and the Finance Act 2022.
He alleged that many agencies retained substantial government revenue instead of remitting it into the Federation’s accounts as required by law.
Musa said some agencies had withheld funds belonging to the Federal Government since 2020.
He stressed that the Senate would ensure all defaulting agencies complied with existing financial regulations.
Akpabio Warns Defiant Agencies
Senate President Godswill Akpabio dismissed claims that Senate committees lacked the authority to summon government agencies.
He insisted that the National Assembly possesses constitutional powers to invite public institutions for oversight.
Akpabio directed the Senate Committee on Finance to submit a substantive motion empowering the Senate to compel defaulting agencies to appear.
He warned that agencies that continued to ignore the National Assembly would face constitutional consequences.
The Senate President also said the Fiscal Responsibility Commission would reconcile outstanding financial records before defaulting agencies refund any outstanding funds.
Agencies Listed for Senate Summons
The agencies scheduled to appear include:
- Central Bank of Nigeria (CBN)
- Nigerian National Petroleum Company Limited (NNPCL)
- Federal Airports Authority of Nigeria (FAAN)
- Nigerian Civil Aviation Authority (NCAA)
- Nigerian Maritime Administration and Safety Agency (NIMASA)
- Office of the Accountant-General of the Federation
- Nigerian Railway Corporation (NRC)
- Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
- Nigerian Electricity Regulatory Commission (NERC)
- Transmission Company of Nigeria (TCN)
- Federal Mortgage Bank of Nigeria (FMBN)
- Nigerian Agricultural Insurance Corporation (NAIC)
- Nigerian Export-Import Bank (NEXIM)
- Nigerian Export Promotion Council (NEPC)
- NNPCL Retail Limited
- Nigerian Commodity Exchange (NCX)
- Nigerian Ports Authority (NPA)
- Standards Organisation of Nigeria (SON)
- Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
- Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)
- Joint Admissions and Matriculation Board (JAMB)
- National Examinations Council (NECO)
- National Inland Waterways Authority (NIWA)
- Nigeria Deposit Insurance Corporation (NDIC)
- Nigerian Communications Satellite Limited (NigComSat)
- Nigeria Export Processing Zones Authority (NEPZA)
- Nigerian Shippers’ Council (NSC)
- Nigerian Meteorological Agency (NiMet)
- National Insurance Commission (NAICOM)
- Nigeria Social Insurance Trust Fund (NSITF)
- National Oil Spill Detection and Response Agency (NOSDRA), among others.
Senate Adopts Motion
The Senate adopted the motion through a voice vote, paving the way for the formal summons of the affected agencies.
Lawmakers said the move aims to improve fiscal accountability, strengthen legislative oversight and ensure full compliance with financial laws governing public institutions.
