The House of Representatives has summoned the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, over allegations of non-compliance with the Fiscal Responsibility Act, 2007 and weak internal controls flagged by the Auditor General’s 2021 report.
The directive came from the Joint Committees on Public Accounts and Public Assets, who expect both officials to appear before them on Monday, June 16, 2025, to respond to critical audit queries.
In a letter signed by Hon. Bamidele Salam and Hon. Ademorin Kuye, Chairmen of the respective Committees, the lawmakers said Edun and Cardoso must explain the apex bank’s alleged failure to remit operating surpluses to the Federation Account in line with legal and regulatory provisions.
The lawmakers cited findings from both the Fiscal Responsibility Commission and the Office of the Auditor General for the Federation, which accuse several federal MDAs, including the CBN, of failing to remit or under-remitting surpluses over the past six years.
“These violations have negatively impacted the liquidity of the federal government and constitute a hindrance to effective implementation of the budgets passed by parliament,” said Hon. Salam.
The Committees stated that both the Finance Ministry and the CBN were given adequate time to reconcile their accounts and submit their positions, prompting the upcoming hearing as a final step to resolve the matter.
Additionally, lawmakers are probing allegations in the Auditor General’s report regarding incomplete public assets. According to the report, several fully paid-for projects in Dutse, Abeokuta, and other locations—awarded between 2011 and 2016—remain abandoned and unused.
The probe is part of a broader push by the National Assembly to enforce fiscal discipline and accountability across federal institutions.
