Business
Remittances: Senate Accuses NNPC, CBN, Others Of Underpayment
The Senate has accused government owned enterprises of worsening the current dwindling revenues in the country by engaging in spending spree instead of remitting the appropriate funds into the federation account.
The Chairman of the Senate Committee on Finance, Senator Solomon Adeola, made the accusation on Wednesday at a public hearing on the 2022-2024 Medium Term Expenditure and Fiscal Strategy Paper organised by his panel.
Adeola noted with concern that big spenders like the Central Bank of Nigeria, and the Nigerian National Petroleum Corporation among others had yet to remit their operational surplus to the consolidated revenue fund account over the years.
He said: “In budgeting, some revenue generating agencies spend their revenue hiding under the disguise that what accrued to them is not enough for them to carry out their functions.
“From the preliminary investigation carried out by this committee, our findings are not palatable at all. A lot of heads of agencies have taken over the agencies as their personal property.
“They have decided to embark on a spending spree with nobody challenging them.
“Out of the 60 Government Owned Enterprises, I can conveniently say that agencies like the NNPC, I don’t know when last they contributed from their excess revenue into the Consolidated Revenue Fund, except recently when they declared profit.
“The Central Bank of Nigeria, out of an average budget of about N2.3 trillion a year, it is expected that at the end of every financial year, whatever accrues to you as excess revenue, a certain portion of it must be paid into the Consolidated Revenue Fund. As we speak, within the last five to six years, CBN has not contributed anything.”
The Deputy Governor of the CBN, in charge of Economic Policy, Dr. Kingsley Obiora, who represented Godwin Emefiele at the session, disagreed with the assertion of the Senate Committee chairman.
Obiora said: “I just want to, with due respect and deep reverence, categorically say that the allegation that the CBN has not remitted surpluses in any year, let alone the last five years, is 100 per cent not correct.
“We have in the last five years remitted our surpluses in accordance with the law.
“As responsible government agency, we follow the Fiscal Responsibility Act and we do remit 80 per cent of our surpluses every year.”
The Chairman of the committee directed the CBN to produce documentary evidence of its remittances within the last five years unfailingly, Friday.
He also told the apex bank to produce its audited account in the last five years as well as its position paper on monetary policy.
There was a mild drama when the Comptroller General of the Nigerian Customs Service, Colonial Hameed Ali (rtd.), expressed frustrations over the inability of his agency to raise enough revenue from tariff on import.
He therefore solicited the support of the federal lawmakers to empower the NCS through appropriate legislation to impose excise duty on carbonated drinks.
But the senators disagreed with Ali’s proposal and maintained that such action could lead to the total collapse of the manufacturing companies which were currently struggling to survive the harsh economic situation in the country.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.