By Olamilekan Abayomi
The Nigerian Senate, through its Banking Committee, has formally asked the Central Bank of Nigeria to come clean about a ₦1.44 trillion operating surplus that apparently never made it into the federation account. The request follows a recent briefing where the CBN hinted at the extra cash but gave few details, prompting lawmakers to demand a full breakdown.
Senators want to know exactly where the surplus came from, how it was used, and why it wasn’t transferred to the federal coffers as required by law. They’ve also asked for a timeline of when the money was recorded and any decisions that were made regarding its allocation.
In addition to the surplus, the committee is seeking clarification on several related policy moves: the 45 % cash‑reserve ratio imposed on banks, the extra 75 % CRR on non‑TSA deposits, the handling of FX forward settlements, the status of the mutilated naira notes programme, and the financial health of CBN subsidiaries.
CBN Governor Olayemi Cardoso, in a recent address, painted a relatively rosy picture of the economy. He noted that inflation has been falling for seven straight months, the naira‑dollar gap is under 2 %, foreign reserves have risen to about $46.7 billion, and diaspora remittances are averaging roughly $600 million a month. He also confirmed that the $7 billion FX backlog has been cleared and that the banking sector’s recapitalisation is on track, with 27 banks having raised fresh capital.
Lawmakers are not just curious about the numbers; they’re concerned about transparency and the potential political fallout from a hidden surplus. The demand for full disclosure is being framed as a move to protect public funds and ensure that any future allocations are made in a transparent, openly accountable way.
The showdown between the Senate and the CBN will likely shape the next budget cycle and could influence how the central bank operates in the months ahead. Observers will be watching closely to see whether the CBN provides the detailed accounts the Senate is asking for and how that information might affect Nigeria’s fiscal and monetary policy moving forward.
