The House of Representatives Joint Committees on Public Accounts and Public Assets have officially summoned the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before them on Monday, June 16, 2025. This move comes amid growing concerns regarding non-compliance with the Fiscal Responsibility Act of 2007 and alarming revelations from the 2021 audit report by the Office of the Auditor General for the Federation.
In a formal invitation signed by the Chairmen of the two committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—the lawmakers directed the finance chief and the apex bank governor to provide a comprehensive explanation and documentation concerning the remittance of operating surpluses into the Federation Account, as mandated by law.
The Fiscal Responsibility Commission, alongside the Auditor General’s office, has consistently flagged several Ministries, Departments, and Agencies (MDAs), including the CBN, for either failing to remit or under-remitting their operating surpluses over the past six years. According to committee chairman Salam, these violations have severely constrained the federal government’s liquidity and obstructed the full implementation of national budgets approved by the National Assembly.
The Committees noted that both the Ministry of Finance and the Central Bank had been given ample time to reconcile their financial records and resolve discrepancies. However, due to continued inaction, the lawmakers are now treating the upcoming hearing as a final opportunity for the concerned institutions to account for their financial activities.
In addition to the issue of surplus remittances, the Joint Committees are also investigating claims detailed in the Auditor General’s statutory report, which allege that several government-funded projects—despite being fully paid for—have remained incomplete and abandoned for years. Projects in Dutse, Abeokuta, and other locations, awarded between 2011 and 2016, were specifically cited in the report as examples of widespread neglect and potential mismanagement.
The lawmakers emphasized the importance of transparency, fiscal discipline, and accountability in public financial management and expressed their determination to get to the root of these longstanding irregularities.
