NextFin news, On Thursday, October 2, 2025, the Office of the Auditor-General for the Federation (OAuGF) released a report indicting the Central Bank of Nigeria (CBN) for failing to remit more than N4.304 trillion to the Federation Account during the 2022 fiscal year.
The report, signed by Auditor-General Shaakaa Chira and dated August 21, 2025, was submitted to the Clerk of the National Assembly in Abuja. It highlights serious noncompliance and internal control weaknesses within the CBN and other government agencies.
According to the audit findings, the CBN did not remit approximately N1.445 trillion of its operating surplus and another N1.445 trillion as internally generated revenue to the Consolidated Revenue Fund. Additionally, the bank failed to recover an outstanding revenue or debt amounting to about N1.413 trillion for the federal government during the year under review.
The report also identified similar financial irregularities involving the Transmission Company of Nigeria (TCN) and ten other Ministries, Departments, and Agencies (MDAs), which collectively failed to recover about N1.769 trillion owed to the federal government.
Other entities named in the report for under-remitting operating surpluses totaling around N1.473 trillion include the Nigeria National Petroleum Corporation Limited (NNPC Ltd.), the Nigeria Lottery Regulatory Commission, and the Universal Service Provision Fund. The Standard Organisation of Nigeria, National Eye Centre Kaduna, and the Institute of Agricultural Research were also implicated.
The OAuGF’s report, marked AuGF/AR.2022/01, details 27 audit queries related to cross-cutting noncompliance and internal control weaknesses across the audited MDAs. These findings underscore systemic issues in financial management and accountability within key federal institutions.
The Central Bank of Nigeria has yet to issue an official response to the report’s findings as of this publication.
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