By Stephen Simon
The Senate has initiated moves to compel the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL) and about 40 Ministries, Departments and Agencies (MDAs) to appear before its Committee on Finance over alleged failure to account for public revenues and repeated disregard for legislative invitations.
The resolution followed a motion sponsored by the Chairman of the Senate Committee on Finance, Senator Sani Musa, who accused several revenue-generating agencies of frustrating the National Assembly’s constitutional oversight responsibilities by refusing to honour invitations to explain their financial records, revenue remittances and operating surpluses.
Leading the debate during plenary, Musa said the committee was acting pursuant to Sections 88 and 89 of the 1999 Constitution (as amended), which empower the National Assembly to investigate the finances and administration of public institutions, summon witnesses and demand relevant documents in the interest of accountability and transparency.
He explained that the ongoing investigation focuses on internally generated revenue, operating surpluses, stamp duty collections where applicable, and statutory remittances into the Consolidated Revenue Fund (CRF) by government-owned enterprises and other federal agencies.
According to the lawmaker, several agencies have either ignored repeated invitations or taken the position that they are under no obligation to appear before the committee despite clear constitutional provisions empowering the legislature to exercise oversight over public finances. He warned that such actions undermine the authority of the National Assembly and weaken accountability in public finance management.
Among the agencies expected to appear before the committee are the CBN, NNPCL, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Deposit Insurance Corporation (NDIC), the Federal Radio Corporation of Nigeria (FRCN), the Joint Admissions and Matriculation Board (JAMB), the National Examinations Council (NECO), the Nigerian Shippers’ Council and the National Hajj Commission of Nigeria (NAHCON), among others.
The Senate resolved to invoke its constitutional powers to compel the attendance of the affected agencies and secure the necessary documents required for the investigation. Lawmakers maintained that no public institution is above legislative scrutiny where public funds are concerned.
The latest move underscores the Senate’s renewed determination to strengthen fiscal discipline, improve compliance with the Fiscal Responsibility Act and ensure that all government agencies fully account for revenues due to the Federation in line with existing financial laws.
