Reps Order CBN to Remit N3.64 Trillion in Unpaid Surplus

Abuja, Nigeria –On Friday, the House of Representatives directed the Central Bank of Nigeria (CBN) to remit N3.64 trillion promptly.

This payment must reach the federal government within 14 days, ensuring accountability in financial practices and operations.

Consequently, this directive follows an investigation into the CBN’s financial activities from 2016 to 2022.

Lawmakers scrutinized the bank’s adherence to regulations, revealing significant discrepancies that necessitated immediate corrective measures and actions.

Furthermore, the explosive demand for payment arose after a tense hearing where finance officials confronted the CBN.

Lawmakers also expressed determination to hold the apex bank accountable, emphasizing the importance of transparency and fiscal responsibility in governance.

During this session, they addressed seven years of unpaid surpluses that raised significant concerns among lawmakers and citizens alike.

Shocking documents revealed that the CBN failed to remit an astounding N5.2 trillion between 2016 and 2022.

Finance Minister Wale Edun observed as legislators grilled CBN Deputy Governor Bala Bello about the missing funds throughout the marathon session.

Investigators discovered that the bank violated two crucial financial laws while managing public funds during this period.

A damning audit indicated that the CBN ignored regulations requiring timely transfers of operating surpluses to federal coffers.

The standoff now centers on conflicting interpretations of banking regulations that complicate the situation further.

While CBN lawyers referenced older banking laws, the Justice Minister confirmed that newer finance legislation takes precedence over them.

This legal clash has consequently delayed billions intended for national development, raising alarms among lawmakers and citizens alike.

Lawmakers issued four strict demands, with the first calling for immediate repayment of 70% of owed funds.
These measures are essential to ensure accountability and prevent further financial mismanagement within relevant institutions.

They also requested that all dormant account records, along with unclaimed dividends, be transferred to a special trust fund.

Such steps aim to improve transparency and guarantee responsible management of public money for the future.

This ultimatum places substantial pressure on the CBN governor to clarify why these significant funds were not remitted promptly.

Committee chair Bamidele Salam emphasized that “no institution is above fiscal responsibility laws” while signing the compliance order.

This financial showdown occurs amid increasing scrutiny of Nigeria’s economic management and its implications for national development.

The missing trillions could have funded critical infrastructure projects across the nation’s 36 states, highlighting the stakes involved.

Banking experts predict that the CBN will struggle to meet the tight deadline imposed by lawmakers.

Sources indicate that the bank may request additional time to verify the massive sum while preparing its defense.

Finally, the National Assembly has vowed to monitor compliance daily until the deadline expires, ensuring accountability.

This commitment reflects the urgency of the situation and the need for effective governance in Nigeria.

This high-stakes confrontation could redefine financial accountability in Nigeria’s public institutions.

Citizen advocacy groups have hailed the lawmakers’ tough stance.

“This is taxpayers’ money that disappeared into bureaucracy,” said one transparency activist monitoring the case.

As the clock ticks, all eyes remain on the CBN’s next move.

The bank’s response will test Nigeria’s enforcement of fiscal discipline among its most powerful financial institutions.

The resolution mandates proof of payment by mid-July, setting up a dramatic showdown between legislators and bankers.

This unprecedented demand marks a turning point in Nigeria’s fight against financial mismanagement.

Observers warn the recovery process may uncover more hidden liabilities.

The case has already exposed alarming gaps in Nigeria’s financial oversight systems that demand urgent reform.

With Nigeria’s economy under strain, recovering these funds could provide critical relief.

The outcome will determine whether powerful institutions truly answer to democratic oversight.

The CBN now faces its biggest accountability test in decades as Nigerians await justice for the missing trillions.

This battle may finally bring transparency to how Nigeria’s wealth gets managed.

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