The House of Representatives has issued an ultimatum to the Central Bank of Nigeria to remit outstanding revenues to the federal government or face possible sanctions.
Lawmakers in Abuja said the action responds to what they described as persistent failure by the apex bank to transfer funds it legally owes the government. They cited provisions in financial laws that require timely remittances.
The legislators said the unremitted funds have hampered government spending on public services and infrastructure. They said the total amount outstanding is significant and affecting budget execution. Lawmakers demanded the CBN begin compliance immediately to avoid legislative action.
Also Read: RMAFC, FIRS Launch Joint Operation to Recover Unremitted Revenues in Six Months
Representatives also urged cooperation with auditors and financial regulators to verify figures. They said transparency in remittances will build public confidence and improve fiscal management.
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