NEWS
Reps Investigate Remittances by CBN, NNPC to FG
The House of Representatives Public Accounts Committee has stepped up investigation into revenue remittances by federal agencies into the Federation Account.
Consequently, the house directed the Office of the Accountant-General of the Federation to submit a detailed account of outstanding operating surplus and other revenues allegedly owed to the Federal Government by the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Company Limited (NNPC Ltd), and other government-owned enterprises.
The committee also demanded explanations over allegations that the Office of the Accountant General of the Federation (OAGF) deducted funds from the statutory accounts of several Ministries, Departments and Agencies, including the reported withdrawal of N15bn from the Universal Basic Education Commission (UBEC), raising concerns that the practice may have hampered the agencies’ ability to carry out their statutory mandates.
The directives were issued during an investigative hearing at the National Assembly, where the Accountant-General of the Federation (AFG), Shamseldeen Ogunjimi, appeared alongside senior officials of the Treasury.
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The hearing forms part of the committee’s broader oversight of public finances and compliance with the Fiscal Responsibility Act, which requires government-owned enterprises to remit a prescribed percentage of their operating surplus to the Consolidated Revenue Fund.
The operating surplus regime is intended to strengthen government revenues and curb leakages, but compliance has remained a recurring concern, with several agencies accused over the years of either under-remitting or failing to remit altogether.
Opening the discussion, a member of the committee, Gboyega Isiaka, expressed concern over Nigeria’s weak revenue performance, arguing that poor remittance compliance continued to undermine the country’s fiscal position.
Addressing the nation’s top accountant, the lawmaker said, “Considering our GDP, ours is one of the lowest on the continent, at about 16 percent. Business entities are expected to return about 80 percent of their operating surplus, while others remit between 20 and 50 percent.
“From everything we are seeing, there still appears to be a backlog of remittances. Can you provide some figures? Beyond that, as a member of the economic management team, how satisfied are you with the performance of agencies such as the CBN, SEC, NIMASA, and others, considering the scale of assets they manage?
“It is not enough to say they remitted 80 percent of their surpluses. What exactly is the surplus they are declaring? We need to examine that against the assets under their control, as well as the revenues they ought to have paid but have not.”
Responding, the Director of Revenue and Investment at the OAGF, Makinde Mogaji, disclosed that the CBN allegedly owed the Federal Government N5.3tn in unremitted operating surplus.
He said previous efforts by the Public Accounts Committee to recover the funds had not yielded results. “Early last year, the CBN was owing the Federal Government N5.3tn as operating surplus. Despite the efforts of the Public Accounts Committee to recover the money, it has not been paid.
“Seventy percent of that amount ought to have been remitted, but the CBN refused to pay. That is just one of our major sources of revenue. In contrast, an agency like FAAN has remitted N473bn,” he said.
The hearing also examined the OAGF’s policy of automatic deductions from the accounts of MDAs, a mechanism introduced to recover anticipated operating surplus before the end of the fiscal year.
Defending the policy, Ogunjimi said it had significantly improved government revenue collections. “That was an ingenious way of taking, in advance, what was due to the government, and it helped us generate substantial revenue last year,” he said.
He, however, acknowledged that the policy attracted resistance from some agencies, leading to reviews and reversals in certain cases.
“When we introduced the initiative and generated significant revenue, some agencies sought reversals. Some went to the President, arguing that the deductions were excessive. In some cases, the deductions were cancelled entirely; in others, they were reduced.
“We have continued to manage those issues, which is one reason we have not been able to sustain the level of collections achieved last year. There were also instances where agencies such as the NNPC refused to cooperate to the extent that they had to be asked to leave because of their non-compliance. While NNPCL accepted some of the liabilities, it disputed others, and those issues are still being considered by a post-mortem committee.”
Providing further clarification, Mogaji said the auto-deduction framework remained operational and was designed to reconcile agencies’ actual operating surplus after their accounts had been finalised.
“Yes, the auto-deduction system introduced last year is still in operation. It is designed to recover operating surplus in advance, after which agencies compute their actual surplus to determine whether they have been over-deducted or owe additional remittances. The figures we currently have are still subject to reconciliation and should not be regarded as final,” he explained.
The committee, however, questioned the legality and implications of deductions from the accounts of agencies established to deliver essential public services.
The Chairman of the Committee, Bamidele Salam, cited petitions from UBEC and several other agencies alleging that statutory funds had been withdrawn without prompt reimbursement.
“There is an ongoing investigation involving UBEC and other agencies. UBEC claimed that funds approved under its November 2025 Authority to Incur Expenditure were not released by the Accountant-General. It also alleged that N16bn and another N15bn were taken from the commission’s account without refund.
“We are concerned about these deductions from statutory allocations to critical government institutions. It is not only UBEC. NASENI raised similar complaints involving over N70bn, and several other agencies have also made similar allegations. So, what is the justification?” he asked.
Responding, Ogunjimi maintained that the withdrawals were temporary and undertaken only to meet urgent government financing needs, with the understanding that the funds would be refunded when required.
“There have been occasions when the government needed to meet critical financial obligations, and we temporarily utilised funds belonging to some agencies. It is essentially a loan, and we have been refunding those agencies.
“The Accountant-General cannot arbitrarily withdraw money from agencies’ accounts. We first analyse how long the funds have remained idle, acting on directives from the Honourable Minister. If funds have remained unutilised for several months and the government urgently requires financing, we temporarily deploy them and refund the money when the agency needs it.
“For example, we utilised over N300bn belonging to TETFund and subsequently refunded the entire amount. Whenever an agency requests its funds for approved projects, we process the refund,” he added.
Salam, however, rejected the explanation, insisting that statutory agencies should not be deprived of funds appropriated by law for their programmes.
“Which agencies have actually been refunded? UBEC is complaining, NASENI is complaining, NBC is complaining, and several others currently under investigation have made similar claims. Their major grievance is that funds are withdrawn from their accounts, leaving them unable to carry out the responsibilities for which the money was appropriated.
“Take UBEC, for instance. We all know the consequences of neglecting basic education, particularly in northern Nigeria. We have about 13.5 million out-of-school children.”
According to Salam, “UBEC is expected to build schools, provide infrastructure, and supply instructional materials. It cannot effectively discharge those responsibilities if its statutory funds are diverted to other purposes.”
The committee subsequently directed the OAGF to submit detailed records of outstanding operating surplus owed by the CBN, NNPCL and other government-owned enterprises, as well as documentation showing deductions made from MDA accounts, refunds already effected and outstanding balances.
The investigation is expected to continue in the coming weeks as lawmakers seek to determine the extent of compliance with the Fiscal Responsibility Act, recover outstanding revenues due to the Federal Government, and establish whether the deductions from statutory agency accounts were carried out within the ambit of the law.
Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.
The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.
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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.
King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.
His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.
His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.
Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.
Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.
Kaspara Bolstad, 24, described him as “a very steady and warm king.”
“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.
Magnus Skaugseth, 27, also praised the late King’s inclusive approach.
“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.
Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.
His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.
With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.
Social media personality Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has fired back at Senior Advocate of Nigeria (SAN), Femi Falana, following the lawyer’s criticism of his invitation to the Nigerian Bar Association (NBA) annual conference.
Recall that Falana had criticised the decision to feature VDM as a panelist during a session on “Unknown Gunmen,” arguing that discussions on national security should involve individuals with established experience in the country’s security architecture.
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“In those days, the NBA brought individuals who had paid their dues, who were coming to engage lawyers intellectually. We wanted to learn from them and so none of our conferences was a circus show in the past,” Falana said.
He further stated: “So, if you are bringing in an expert to discuss the security of the country, either from the private or public sector, such an individual must have contributed to the security architecture of the country.”
Falana also said: “But to just go and bring somebody from nowhere to come and entertain you, there are problems with that.”
Reacting in a Facebook post on Friday, VDM said he was initially disappointed by Falana’s comments but claimed they helped him understand the opposition to his invitation.
“And then again, I listened to Femi Falana. When I listened to him, I won’t lie, I was so disappointed in him. Then again, after he spoke, I understood why a lot of them were upset and Femi Falana gave me the answer.
“Their problem is that a son of a nobody was invited and that is just simply what is going on in the media and Femi Falana just made it clear to me. Who knows me? Who is my father? Who knows my family? Who are we? What empire do we have?”
Defending his participation, VDM said his contribution would be based on firsthand experiences.
“This is not about book, it is about experience,” he said, adding, “Security is for everybody. Security is not for some set of people.”
A public warning has gone to the authorities to desist from frequently tweaking with the regulatory environment, as it could undermine investments in Nigeria’s petroleum industry.
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, expressed the view on Wednesday in which he highlighted the importance of predictable regulation to the development of Nigeria’s midstream and downstream petroleum sectors.
According to Umar, investors were prepared to manage commercial risks but found regulatory uncertainty more difficult to accommodate, stressing that clear, consistent and predictable rules were critical to attracting and retaining capital.
“Investors are prepared to manage commercial risk. What they find far more difficult is regulatory uncertainty,” he said.
According to him, government efforts to provide fiscal incentives, financing support and policy reforms to encourage investment could achieve little if investors were unsure how the regulatory system would operate in practice.
Umar said investors wanted assurances that rules were clear, decisions were consistent and regulatory processes were predictable, adding that such confidence could influence investment decisions as much as commercial considerations.
He noted that the issue was particularly important in the midstream and downstream sectors, where investments in refineries, pipelines, storage facilities and gas infrastructure were designed to operate over many years.
“Investments in refineries, pipelines, storage facilities and gas infrastructure are designed to operate over many years. Investors need confidence that the regulatory environment will remain stable, consistent and credible throughout the life of those assets,” he said.
The NMDPRA boss said the Petroleum Industry Act had provided the industry with a strong legal and regulatory framework based on transparency, competition and accountability.
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He said the responsibility of the NMDPRA is to ensure that those principles are reflected in its day-to-day regulatory activities.
Umar, who said he had spent nearly three decades on the commercial and operational side of the downstream petroleum industry before joining the Authority, said he understood the concerns investors raised before committing capital.
He listed timely approvals, consistent application of regulations and fair and predictable decisions by institutions among the key issues investors considered.
The NMDPRA chief executive further stated that effective regulation went beyond issuing licences and enforcing compliance, as it should provide certainty and create an environment where businesses could plan and investment could grow.
He said the authority was strengthening collaboration with other government institutions, noting that effective regulation depended not only on good policies but also on consistent implementation.
“When institutions work together, the industry experiences a more coordinated and predictable regulatory environment,” he said.
Umar said the implementation of reforms would ultimately determine the confidence investors had in Nigeria’s regulatory system.
“The true measure of any reform is how it is implemented. Every licence issued, every inspection conducted and every regulatory decision contributes to confidence in the regulatory system,” he stated.
He assured stakeholders that the agency would carry out its mandate fairly, consistently and transparently to support responsible investment and the continued development of Nigeria’s midstream and downstream petroleum industry.
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