By Mercy Aikoye
The House of Representatives has directed the Central Bank of Nigeria (CBN) to transfer N3.64 trillion in unpaid operating surplus to the Federal Government within 14 days. This amount represents 70% of the total N5.2 trillion owed to the government for the period spanning 2016 to 2022.
The directive was issued after the CBN team, led by Deputy Governor of Operations Directorate, Dr. Bala Mohammed Bello, appeared before a Joint Committee comprising the House Committees on Public Accounts and Public Assets on June 25, 2025. The committee accused the CBN of withholding funds due to the Federal Government, citing a clear violation of the Fiscal Responsibility Act 2007.
The letter addressed to the CBN Governor, signed by Rep. Bamidele Salam and Rep. Kuye Ademorin Aliyu, stated that the Auditor General for the Federation reported a liability of N5.2 trillion in operating surplus due to the Federal Government. “This represents a clear and unacceptable violation of the provisions of the Fiscal Responsibility Act 2007 (as amended),” the letter read.
The committee also noted that the Finance Act 2020 mandates the transfer of unclaimed dividends and dormant account balances to the Unclaimed Funds Trust Fund. However, the CBN claimed authority over these funds under the Banks and Other Financial Institutions Act (BOFIA) 2020, which the committee disputed.
In light of these findings, the Joint Committees resolved that the CBN should remit N3.64 trillion to the Federal Government within 14 days. “Please note that the Auditor General for the Federation, in the performance of its constitutional mandate, reported to the House of Representatives a liability of N5.2 trillion in operating surplus due to the Federal Government of Nigeria for the years 2016 to 2022,” the letter stated.
The committee also directed the CBN to furnish them with the total value of unclaimed dividends and dormant account balances by June 30, 2025. Furthermore, the CBN was instructed to transfer all unclaimed dividends and dormant account balances to the Unclaimed Funds Trust Fund account within 14 days.
The CBN has been given a deadline of July 14, 2025, to submit evidence of compliance and remittance to the Committee Secretariat. The committee emphasized the importance of adhering to the directive, stating that it is pending the final reconciliation of figures by all parties involved.
The House of Representatives’ directive has significant implications for the management of public funds and the relationship between the CBN and the Federal Government. The committee’s actions demonstrate its commitment to ensuring accountability and transparency in the management of Nigeria’s finances.
