Reps Descend Into Chaos Over Alleged N5.2trn CBN Surplus Scandal

The House of Representatives erupted into chaos on Wednesday as lawmakers fiercely disputed how to handle a motion accusing the Central Bank of Nigeria (CBN) of failing to remit more than N5.2 trillion in operating surpluses and being linked to over N11 trillion in revenue discrepancies between 2016 and 2022.

The motion, moved by Hon. Bamidele Salam, Chairman of the Public Accounts Committee (PAC), relied on findings from the 2022 Auditor-General’s Report. PAC’s review concluded that the apex bank owes the Federal Government an undisputed N5.2 trillion in unremitted surpluses.

The committee also uncovered multiple inconsistencies in the CBN’s accounts, including:

N954.3 million collected on Remita transactions but allegedly not refunded

N11.09 billion disparity between figures submitted by the CBN and PAC’s recalculations

N3.28 billion due for refund after applying the Monetary Policy Rate of 27.25 percent

N19.8 billion in total variances across submitted financial records

Arguments Spiral Into Disorder

The chamber grew heated when Rep. Ghali Mustapha Tijanni (Kano) proposed that an ad-hoc committee – rather than PAC – should take charge of the investigation. The suggestion immediately split the House, with many lawmakers rejecting the amendment and insisting that PAC was the appropriate body to lead the probe.

What began as a procedural disagreement quickly degenerated into shouting matches as members exchanged accusations across the hall. Speaker Abbas Tajudeen repeatedly intervened in an attempt to restore calm.

Fresh chaos broke out moments later when Hon. Ahmed Jaha (Chibok/Damboa/Gwoza) sought to amend the motion further by asking the House to summon the CBN Governor and all relevant agencies before PAC. His proposal triggered another wave of objections, plunging the chamber back into disorder.

After several tense minutes, the Speaker managed to stabilise proceedings. But the uproar underscored the deep divisions in the House as lawmakers brace for what promises to be a contentious probe into the multi-trillion-naira discrepancies linked to the nation’s apex financial institution.