Senate seeks ‘full explanation’ over alleged N1.44 trillion non-remittance by CBN

* As CBN rolls out a positive outlook of Nigerian economy in 2025

***Assures of sustained momentum in 2026

By Henry Umoru

ABUJA- THE Senate has asked the Central Bank of Nigeria, CBN to provide a comprehensive explanation for the alleged non-remittance of N1.44 trillion in operating surplus.

This is as the CBN has rolled out positive outlook of Nigeria’s economy in the second half of 2025 to Nigerians through statutory declarations, declaring that Nigeria’s economic recovery had entered its most stable and promising phase in more than a decade.

Senator Adetokunbo Abiru, APC, Lagos East, led the Senate Committee on Banking, Insurance and Other Financial Institutions, made the call for transparency, insisting that public trust in monetary governance hinged on an unambiguous response to the Auditor-General’s query on the controversial surplus funds.

Abiru commended the apex bank for the positive trajectory the Nation’s economy assumed from the beginning of the year but tasked it to increase the tempo for a more stabilised economy in 2026, just as he acknowledged the CBN’s achievements in stabilising the foreign-exchange market and driving down inflation.

The Chairman who that such progress must be matched by uncompromising accountability, said that the Senate expected a full account of the facts, corrective actions taken, and institutional safeguards to prevent future breaches.

He said, “These positive indicators have not gone unnoticed globally. I commend the Bank and its leadership for the role played in earning the country favourable ratings from Fitch and S&P Global Ratings, reflecting improved investor sentiment, policy credibility, and

macroeconomic stability.”

Abiru requested explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-TSA public-sector deposits, FX forward settlements, the circulation of mutilated naira notes, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.

He also sought a detailed update on the activities of the Financial Services Regulatory Coordinating Committee in 2025, arguing that stronger regulatory coordination was vital to sustaining public confidence.

In his submission, CBN Governor Olayemi Cardoso who presented a detailed review of the economy, asserting that Nigeria was witnessing renewed macroeconomic stability across all major indicators, said that the combination of bold monetary reforms, foreign-exchange market liberalisation and disciplined liquidity management since mid-2025 had produced outcomes that were attracting international recognition.

The CBN Governor who noted that at the domestic front , real GDP growth sustained its positive trajectory with the

economy expanding by 3.98 percent in the third quarter of 2025.

This according to him, was higher than the 3.86 per cent recorded in the corresponding quarter of 2024 but 0.25 percentage point lower than the preceding quarter.

“The key contributors to the broad-based growth include crop production, ICT, real estate, and financial & insurance”, he said .

He added that inflation fell for seven consecutive months to 16.05 per cent as of October 2025, from a peak of 34.6 per cent in November 2024—the lowest in three years.

Food inflation , which according to him, is the largest single component of the basket, also fell to 13.12 per cent in October, down from 21.87 per cent in August.

“This steady disinflation is restoring real purchasing power for households and businesses, and we remain fully committed to pushing inflation down to single-digit levels over the medium term”, he said .

He told the committee that the most visible sign of renewed confidence in our economy is the transformation of the foreign exchange market , saying ” the once-substantial gap between official and parallel market rates has shrunk to under 2 per cent, down from over 60 per cent a year ago”.

“Consequently, the average exchange rate of the naira to the US dollar at the Nigerian Foreign Exchange Market (NFEM) strengthened to N1,442.92/US$ as of November 26, 2025, compared with N1,551.08/US$ in the first half of the year.

“.Foreign reserves have also rebounded strongly, reaching US$46.7 billion as of November 14, 2025—the highest level in nearly seven years, providing about 10.3 months of import cover in goods and services.

“Equally encouraging diaspora remittances have surged by 66.7% per cent from about US$200 million per month to around USS600 million per month in recent months.

“Another important outcome was the resolution of the US$7 billion of verified FX backlog, restoring credibility and confidence in the Nigerian economy”, he said .

He assured the committee that the outlook for 2026 is very positive as Nigeria today , ranks among Africa’s most advanced digital payments markets, supported by a vibrant fintech ecosystem that has produced eight of the continent’s nine unicorns.

Addressing banking-sector stability, Cardoso said the recapitalisation programme was progressing smoothly. He reported that 27 banks had raised fresh capital, with 16 already meeting or exceeding the new thresholds ahead of the March 31, 2026 deadline.

He also cited improvements in ATM cash availability, digital-payments oversight, cybersecurity protocols and enforcement actions against erring institutions.

However, the Senate pressed for further clarity on key policy choices.

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