Senate raises alarm as NNPC and 46 other agencies allegedly fail to remit public funds

The Senate has accused the Nigerian National Petroleum Company (NNPC) Limited, the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), and 43 other federal agencies of allegedly failing to remit revenues due to the Federation Account in line with existing financial laws.

The resolution was adopted after lawmakers considered a motion sponsored by Senator Sani Musa, who represents Niger East.

According to Musa, several revenue-generating agencies have failed to remit their operating surpluses as required under the Fiscal Responsibility Act, 2007, and other relevant financial regulations.

The senator argued that the alleged non-remittance of public funds had deprived the Federal Government of significant revenue needed for national development while weakening fiscal transparency and accountability.

Speaking during plenary, Senate President Godswill Akpabio rejected claims by some agencies that Senate committees lacked the constitutional authority to summon them.

Among the agencies directed to appear before the Senate Committee on Finance are the CBN, NNPC Limited, NNPC Retail Limited, NPA, NIMASA, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Office of the Accountant General of the Federation, the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), the Nigerian Airspace Management Agency (NAMA), and the Nigerian Railway Corporation (NRC).