The Senate has moved to compel the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited and about 40 other government institutions to explain how they generated, retained and remitted public revenue.
Lawmakers accused the agencies of repeatedly ignoring invitations from the Senate Committee on Finance, which is reviewing internally generated revenue, operating surpluses, stamp-duty collections and statutory payments into the Consolidated Revenue Fund.
The investigation does not yet establish that every listed agency withheld public money illegally. The Senate wants them to submit their financial records and answer questions about alleged revenue gaps and compliance failures.
Why the Senate Is Calling the Agencies
Senator Sani Musa, Chairman of the Senate Committee on Finance, raised the matter during plenary.
He said some agencies either refused to attend the committee’s hearings or claimed that a Senate committee lacked the authority to summon them.
Musa argued that Sections 88 and 89 of the Constitution empower the National Assembly to investigate the finances and administration of public institutions, demand documents and compel officials to appear before lawmakers.
According to the senator, the committee is examining whether revenue-generating agencies complied with the Fiscal Responsibility Act, the Finance Act and other rules governing public revenue.
He also alleged that some agencies had retained money due to the Federal Government since 2020.
Which Agencies Face Scrutiny?
The institutions named in reports on the Senate proceedings include:
- Central Bank of Nigeria
- Nigerian National Petroleum Company Limited
- Nigerian Ports Authority
- Nigerian Maritime Administration and Safety Agency
- Federal Airports Authority of Nigeria
- Nigerian Civil Aviation Authority
- Office of the Accountant-General of the Federation
- Nigerian Railway Corporation
- Nigerian Electricity Regulatory Commission
- Transmission Company of Nigeria
- Nigerian Upstream Petroleum Regulatory Commission
- Nigerian Midstream and Downstream Petroleum Regulatory Authority
- Nigeria Deposit Insurance Corporation
- Joint Admissions and Matriculation Board
- National Examinations Council
- Federal Mortgage Bank of Nigeria
- Nigerian Export-Import Bank
- Nigerian Export Promotion Council
- Nigeria Social Insurance Trust Fund
- National Insurance Commission
Other agencies also appear on the wider list. Published reports differ slightly on the total, describing between 41 and 47 institutions. The central issue remains the Senate’s effort to compel dozens of revenue-generating bodies to appear before its Finance Committee.
What the Senate Wants to Examine
The committee wants the affected institutions to provide information on:
- Internally generated revenue
- Operating surpluses
- Stamp-duty collections where applicable
- Statutory remittances
- Amounts paid into the Consolidated Revenue Fund
- Financial records covering the relevant review period
One report said the committee is examining alleged non-remittances between 2023 and 2025, while Senator Musa also referred to funds that some agencies may have held since 2020.
Lawmakers want the Fiscal Responsibility Commission to reconcile the figures before the Senate demands refunds from any agency found to owe the government.
Akpabio Backs Compulsory Appearance
Senate President Godswill Akpabio rejected the argument that public agencies could ignore legislative invitations.
He directed the Finance Committee to present a substantive motion that would allow the full Senate to compel the affected institutions to appear.
The Senate later adopted the motion by voice vote, setting the stage for formal summonses and possible constitutional action against agencies that continue to refuse cooperation.
However, the Senate has not yet announced the dates when each agency must appear or the specific amounts allegedly withheld by every institution.
The Accountability Question
The dispute goes beyond whether agency heads will attend a Senate hearing.
Many government-owned institutions generate money through fees, licences, levies, services and commercial operations. When they retain more revenue than the law allows or fail to submit complete records, the Federal Government loses money it could use for public services.
But legislative investigations must also produce clear results.
The Senate has conducted several revenue probes in the past. Public accountability will depend on whether this investigation identifies exact shortfalls, publishes reconciled figures and secures refunds where agencies broke the rules.
Lawmakers must also avoid treating the hearings as political theatre. The public needs verifiable figures, not only accusations and televised confrontations.
Why This Matters
Nigeria depends on borrowing, taxes and oil earnings to fund its budget. Unremitted revenue increases pressure on public finances and can force the government to borrow more or reduce spending.
The agencies under scrutiny operate across banking, oil and gas, transport, electricity, ports, insurance and education. Weak financial controls in any of these institutions can affect government revenue and public trust.
The Senate’s action could strengthen fiscal discipline if it leads to proper reconciliation, repayment and sanctions.
But invitations alone will not solve the problem.
The real test is whether lawmakers reveal how much each agency generated, how much it legally retained, how much it remitted and what happened to any outstanding balance.
Until those figures become public, Nigerians will know that the Senate has opened a revenue investigation, but not how much money may be missing.
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Senate Probes CBN, NNPCL and 40 MDAs Over Public Revenue
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The Senate is moving to compel the CBN, NNPCL and about 40 government agencies to account for alleged revenue shortfalls and ignored financial invitations.
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The Senate probes CBN, NNPCL and about 40 MDAs over alleged revenue shortfalls, unremitted funds and failure to honour Finance Committee invitations.
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