Inside ₦5.3trn Dispute Between CBN, And FG As Fresh Allegations Emerges

• OAGF says CBN is yet to remit ₦5.3 trillion in operating surplus.

• Lawmakers demand answers over unpaid government revenues.

• The dispute puts Nigeria’s public finance system under fresh scrutiny.

• The CBN’s position on the claim remains awaited.

July 15, () — Nigeria is looking for money. The government has spent months pushing reforms aimed at increasing revenue, reducing dependence on borrowing and improving public finances. But as officials search for new sources of income, attention is now turning to money already expected to be in government’s hands. Where is it?

That question is now at the centre of a ₦5.3 trillion dispute involving the Central Bank of Nigeria.

The Office of the Accountant-General of the Federation (OAGF) told lawmakers that the Central Bank has not remitted operating surplus payments expected by the Federal Government.

The issue came up during an investigation by the House of Representatives Public Accounts Committee into outstanding revenues owed by government institutions.

The allegation has turned what would ordinarily be an accounting matter into a major conversation about transparency, government revenue collection and the way public institutions handle funds generated from their operations.

For a country facing significant budget pressures, the timing could hardly be more sensitive.

Nigeria’s 2026 fiscal plans, like previous budgets, depend heavily on improved revenue mobilisation. The government has repeatedly identified low revenue collection as one of the country’s biggest economic challenges, with the Federal Government’s revenue-to-GDP ratio remaining among the lowest globally.

The controversy also comes as Nigeria continues to balance competing demands: funding infrastructure, meeting debt obligations, supporting social programmes and maintaining economic stability.

A disputed ₦5.3 trillion therefore represents more than an accounting figure. It represents resources that lawmakers argue should be available to support government activities.

Why a Central Bank Revenue Dispute Matters Beyond the Numbers

Operating surplus refers to the money left after an organisation covers its expenses from revenue generated through its activities. Under Nigeria’s fiscal framework, certain government-owned institutions are expected to remit portions of their operating surplus to the Federal Government.

The argument before lawmakers is not simply about whether money exists. It is about whether the right amount has been calculated, whether it has been transferred and whether government agencies are following established financial rules.

The Public Accounts Committee has been examining similar issues involving other government institutions, including concerns around outstanding remittances and deductions involving ministries, departments and agencies.

The broader problem has been a recurring one in Nigeria’s public finance system.

Over the years, government agencies have frequently faced scrutiny over unremitted revenues, delayed payments and disputes over statutory obligations. Auditors and lawmakers have repeatedly raised concerns about billions of naira that remain outside the central government’s accounts despite belonging to public institutions.

This creates a difficult situation. On one hand, agencies argue that some deductions or remittance demands may affect their ability to carry out their responsibilities. On the other hand, the Federal Government argues that keeping public revenue outside the treasury weakens accountability and limits its ability to plan effectively.

The CBN, as the country’s monetary authority, occupies a particularly sensitive position because of its role in managing monetary policy, banking regulation and financial stability.

That means any disagreement involving the apex bank naturally attracts greater attention than a normal government accounting dispute.

The lawmakers’ investigation is expected to provide more clarity on the outstanding amount, the basis for the claim and whether any reconciliation has taken place between the relevant institutions.

For Nigerians watching from outside government offices, the central issue is simple: at a time when the country is searching for every available naira, no one wants public money trapped in disputes between institutions.

The ₦5.3 trillion question is therefore not only about the Central Bank.

It is about whether Nigeria’s public finance system can ensure that money meant for the country actually finds its way to where it is needed.