By Deborah Nnamdi
The Joint Committee on Public Accounts and Public Assets of the House of Representatives has summoned the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Monday, June 16, 2025. The summons relates to alleged violations of the Fiscal Responsibility Act of 2007.
The top officials are expected to address concerns raised in the 2021 audit reports by the Office of the Auditor General for the Federation, particularly regarding weaknesses in internal financial controls.
In a letter jointly signed by the Chairmen of the House Committees—Bamidele Salam (Public Accounts) and Ademorin Kuye (Public Assets)—the committee requested that the Finance Minister and the CBN Governor provide detailed explanations regarding the remittance of the apex bank’s operating surplus to the Federation Account, in line with existing laws and regulations.
The Fiscal Responsibility Commission and the Auditor General’s office have previously alleged that several government Ministries, Departments, and Agencies—including the CBN—have either failed to remit or under-remitted their operating surpluses over the past six years, contrary to statutory financial guidelines.
According to Chairman Salam, “These infractions have adversely affected the federal government’s liquidity and pose a significant barrier to the effective implementation of budgets passed by the National Assembly.”
The committee noted that both the Finance Ministry and the CBN have been given ample time to reconcile their financial records and clarify the extent of liabilities involved. The upcoming hearing is intended as a final step to resolve these outstanding issues.
Additionally, the committee is reviewing audit findings that cite incomplete public projects—despite full payment—dating as far back as 2011. Projects in locations such as Dutse and Abeokuta were highlighted in the Auditor General’s report as still unfinished and not yet operational, raising further accountability concerns.
