The Joint Committee of the House of Representatives on Public Account and Public Assets has formally summoned the Minister of Finance, Wale Edun, alongside the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, to appear before the committee on Monday, June 16, 2025. This summons follows serious allegations of non-compliance with the Fiscal Responsibility Act of 2007 and concerns raised in the 2021 audit reports by the Office of the Auditor General for the Federation.
In a letter signed by Bamidele Salam, Chairman of the Public Accounts Committee, and Ademorin Kuye, Chairman of the Public Assets Committee, the lawmakers requested detailed explanations from Edun and Cardoso regarding the remittance of operating surpluses to the Federation Account. The apex bank is expected to clarify its adherence to financial laws and regulations governing such remittances.
The Fiscal Responsibility Commission and the Auditor General have previously reported that multiple Ministries, Departments, and Agencies (MDAs), including the CBN, have either failed to remit or under-remitted their operating surpluses over the last six years. According to Salam, “These violations have negatively impacted the liquidity of the federal government and constitute a hindrance to effective implementation of the budgets passed by parliament.”
The committees emphasized that both the Ministry of Finance and the CBN have had ample time to reconcile their accounts and present their positions. The upcoming hearing aims to resolve outstanding financial liabilities and ensure full compliance with fiscal laws.
Additionally, the committees are investigating audit findings that several public assets, fully paid for, remain incomplete and unused years after contract awards. “Some of these projects in Dutse, Abeokuta, and other locations were awarded between 2011 and 2016 but yet to be completed according to audit reports,” the statement added.
