Abuja, Nigeria – June 2025
The House of Representatives has issued a 14-day ultimatum to the Central Bank of Nigeria (CBN) to remit a total of ₦3.64 trillion to the Federation Account, citing concerns over delayed transfers of government revenues.
The resolution was passed during plenary following the adoption of a motion presented by a member of the House Committee on Public Accounts. Lawmakers expressed dissatisfaction over what they described as “unexplained retention of revenue” by the apex bank, demanding transparency and accountability in the management of public funds.
According to the motion, the ₦3.64 trillion represents revenues generated and held by the CBN on behalf of the Federal Government but yet to be officially transferred, thereby raising concerns about fiscal liquidity and budget implementation.
Chairman of the Public Accounts Committee, Rep. Bamidele Salam, who moved the motion, noted that repeated requests for remittance had been met with silence or delay, describing the situation as a violation of extant financial regulations and a hindrance to national development.
“The National Assembly has a duty to ensure proper oversight of public finances. This delay in remittance undermines the revenue expectations of the federal budget and impedes the government’s ability to meet pressing obligations,” Salam stated.
The House resolved that failure to comply with the directive within the stipulated two-week period would result in the initiation of legislative sanctions, including possible summons or investigative hearings.
The Central Bank is expected to respond formally in the coming days. Meanwhile, financial analysts have urged both institutions to prioritize clarity and cooperation to prevent any disruption to the nation’s fiscal operations.
