Senate raises alarm as NNPC and 46 other agencies allegedly fail to remit public funds

The Senate has accused the Nigerian National Petroleum Company (NNPC) Limited, the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), and 43 other federal agencies of allegedly failing to remit revenues due to the Federation Account in line with existing financial laws.

Following the allegation, the upper chamber directed the 47 ministries, departments and agencies (MDAs) to appear before its Committee on Finance to explain the alleged revenue shortfalls and other financial irregularities.

The resolution was adopted after lawmakers considered a motion sponsored by Senator Sani Musa, who represents Niger East.

According to Musa, several revenue-generating agencies have failed to remit their operating surpluses as required under the Fiscal Responsibility Act, 2007, and other relevant financial regulations.

He also accused the affected agencies of repeatedly ignoring invitations from the Senate Committee on Finance, saying their refusal had hindered the National Assembly's constitutional oversight responsibilities.

The senator argued that the alleged non-remittance of public funds had deprived the Federal Government of significant revenue needed for national development while weakening fiscal transparency and accountability.

Speaking during plenary, Senate President Godswill Akpabio rejected claims by some agencies that Senate committees lacked the constitutional authority to summon them.

Akpabio maintained that the National Assembly has the constitutional responsibility to oversee all government agencies handling public funds and warned that any agency that failed to honour the Senate's invitation would face appropriate sanctions.

Among the agencies directed to appear before the Senate Committee on Finance are the CBN, NNPC Limited, NNPC Retail Limited, NPA, NIMASA, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Office of the Accountant General of the Federation, the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), the Nigerian Airspace Management Agency (NAMA), and the Nigerian Railway Corporation (NRC).

Others include the Joint Admissions and Matriculation Board (JAMB), National Examinations Council (NECO), National Hajj Commission of Nigeria (NAHCON), National Insurance Commission (NAICOM), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Export Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC), Nigeria Export Processing Zones Authority (NEPZA), Standards Organisation of Nigeria (SON), Transmission Company of Nigeria (TCN), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and several other government institutions.

The Senate directed its Committee on Finance to engage the agencies, investigate the alleged non-remittance of funds, and report back to the chamber with its findings and recommendations.

Senate raises alarm as NNPC and 46 other agencies allegedly fail to remit public funds

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