The Senate has summoned 47 federal agencies, including the Central Bank of Nigeria (CBN), Nigerian National Petroleum Company (NNPC) Limited, Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA), over allegations that they failed to remit public funds into the federation account as required by law.
The lawmakers directed the affected agencies to appear before the Senate Committee on Finance to explain the alleged revenue shortfalls and other financial issues.
The decision followed the adoption of a motion sponsored by Senator Sani Musa, who accused several revenue-generating agencies of failing to remit operating surpluses in line with the Fiscal Responsibility Act, 2007, and other financial regulations.
According to the senator, some of the agencies also ignored repeated invitations from the Senate Committee on Finance, making it difficult for lawmakers to carry out their constitutional oversight responsibilities.
Musa warned that the alleged failure to remit public funds has deprived the Federal Government of much-needed revenue and weakened fiscal transparency.
Speaking during the plenary, Senate President Godswill Akpabio dismissed claims by some agencies that the Senate lacked the constitutional power to summon them.
He insisted that the National Assembly has the legal authority to oversee all government institutions handling public funds and warned that agencies that fail to honour invitations could face appropriate sanctions.
Among the agencies directed to appear before the committee are the CBN, NNPC Limited, NNPC Retail Limited, NPA, NIMASA, NUPRC, NMDPRA, FAAN, JAMB, NECO, NDIC, NAHCON, NERC, NEXIM Bank, SON, SMEDAN, OAGF, NRC and several other ministries, departments and agencies.
The Senate has mandated its Committee on Finance to engage the affected agencies and present its findings and recommendations to the chamber after completing the investigation.
