Senate Furious as CBN, FIRS, Customs Ignore Summons Over N30 Trillion

Senate Furious as CBN, FIRS, Customs Ignore Summons Over N30 Trillion

The Nigerian Senate has strongly condemned top revenue agencies for ignoring its summons on financial accountability. Lawmakers expressed outrage over the refusal of the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and the Nigerian National Petroleum Company Limited (NNPCL) to appear before the Senate Committee on Public Accounts.

Senator Aliyu Ahmed Wadada, Chairman of the committee, voiced his frustration during a press briefing on Tuesday. He said the agencies failed to respond to critical queries raised by the Office of the Auditor General of the Federation (OAGF) regarding financial mismanagement amounting to billions of naira.

“These agencies have refused to explain how public funds vanished from government accounts,” Wadada said. “The Senate will not sit back while this level of disregard continues.”

He revealed that the committee’s investigation uncovered major financial irregularities. Despite repeated invitations, the agencies have remained silent, fueling concerns over transparency in Nigeria’s revenue management.

Senate to Report Agencies to President Tinubu

Wadada warned that the Senate would escalate the matter to President Bola Tinubu. He said the lawmakers were determined to hold the agencies accountable and ensure that government funds are properly managed.

“We have done everything to engage the Nigeria Customs Service, to understand what went wrong and find a way forward. Yet, we are still stuck in the same place,” Wadada stated.

According to him, the Senate’s probe into CBN’s financial transactions under the controversial ‘Ways and Means’ arrangement revealed alarming details. He accused the CBN of questionable financial maneuvers that resulted in a staggering N30 trillion transaction.

“The Central Bank of Nigeria debited the Consolidated Revenue Fund account and credited the Treasury Single Account. This is government money being shuffled between accounts, and Nigerians deserve to know why,” he said.

Interest Charges Fuel Further Concerns

Wadada further alleged that the CBN imposed interest charges on the Treasury Single Account instead of on the borrowed funds. This miscalculation led to an additional N6 trillion burden on government finances.

“This is unacceptable,” he said. “Instead of charging interest to the treasury, they went ahead to charge the Consolidated Revenue Fund account, which has now grown to over N6 trillion.”

The lawmakers are now demanding accountability from these agencies, urging them to honor their constitutional obligations.

A Pattern of Disregard for Legislative Oversight

The failure of these agencies to appear before the Senate raises concerns about their transparency. Lawmakers believe their actions undermine democracy and weaken public trust in the management of national finances.

Wadada stressed that the Senate’s role is to ensure accountability. He reiterated that no agency is above the law and that the committee would persist until answers are provided.

“Nigerians have a right to know how their money is managed,” he said. “We will take this to the highest level if necessary.”

With billions of naira unaccounted for and critical financial transactions left unexplained, the Senate’s next move will be crucial in ensuring proper oversight and preventing future financial mismanagement.