The Nigerian Senate has intensified its oversight of public finances by moving to compel the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPCL), and about 40 other Ministries, Departments and Agencies (MDAs) to appear before its Committee on Finance over alleged failures to account for government revenues.
The resolution followed complaints by the Chairman of the Senate Committee on Finance, Senator Sani Musa, who accused several revenue-generating agencies of repeatedly ignoring invitations to appear before the committee investigating revenue remittances, operating surpluses, and compliance with the Fiscal Responsibility Act and other financial regulations.
Presenting the matter during plenary, Musa argued that the Senate is constitutionally empowered under Sections 88 and 89 of the 1999 Constitution (as amended) to investigate the finances and administration of public institutions, summon officials, request documents, and ensure accountability in the management of public resources.
He alleged that some agencies have retained revenues that should have been remitted to the Federal Government, with certain funds reportedly outstanding since 2020. According to him, the committee intends to reconcile the figures with the Fiscal Responsibility Commission and ensure that any outstanding amounts are refunded.
Senate President Godswill Akpabio backed the committee’s position, dismissing claims by some agencies that Senate committees lack the authority to summon them. He maintained that the National Assembly possesses clear constitutional powers to conduct investigations and directed the Finance Committee to present a substantive motion seeking to compel the attendance of defaulting agencies.
Akpabio also warned that any continued refusal to honour legislative invitations could attract constitutional sanctions, stressing that the Senate would not allow its oversight responsibilities to be undermined.
Among the agencies expected to appear before the committee are the CBN, NNPCL, Federal Airports Authority of Nigeria (FAAN), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Electricity Regulatory Commission (NERC), Nigerian Ports Authority (NPA), Joint Admissions and Matriculation Board (JAMB), National Examinations Council (NECO), Nigeria Deposit Insurance Corporation (NDIC), National Hajj Commission of Nigeria (NAHCON), and several other federal agencies.
The Senate said the move is aimed at strengthening transparency, enforcing compliance with financial laws, and ensuring that all government agencies properly account for public funds in line with constitutional and statutory requirements.
