The Joint House of Representatives Committee on Public Accounts and Public Assets has summoned Minister of Finance, Wale Edun, and Central Bank of Nigeria Governor, Olayemi Cardoso, to appear before it on Monday, June 16, 2025. The invitation is in connection with allegations of non-compliance with the provisions of the Fiscal Responsibility Act, 2007, and internal control weaknesses identified in the 2021 reports by the Office of the Auditor-General for the Federation.
The Fiscal Responsibility Commission and the Auditor General for the Federation have submitted reports alleging that several Ministries, Departments, and Agencies (MDAs), including the Central Bank of Nigeria, failed to remit or under-remitted their operating surpluses as required by extant financial laws and regulations over the past six years. The committees have expressed concern that 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 lawmakers have requested that Edun and Cardoso provide details on the remittance of operating surplus to the Federation Account by the apex bank in line with the provisions of relevant laws and regulations. According to the committees, ample time had already been granted for the Finance Ministry and the apex bank to reconcile their records and present accurate financial positions, prompting the need for a final hearing to resolve outstanding discrepancies.
The committee is also investigating claims in the Auditor General’s statutory report that several government-funded projects, though fully paid for, remain uncompleted and unused for years. Some of these projects, located in Dutse, Abeokuta, and other parts of the country, were awarded between 2011 and 2016 but are yet to be completed according to audit reports. The lawmakers are determined to get to the bottom of these allegations and ensure that those responsible are held accountable.
The summoning of Edun and Cardoso by the House of Representatives highlights the importance of transparency and accountability in governance. The allegations of non-compliance with the Fiscal Responsibility Act and internal control weaknesses are serious issues that need to be addressed to prevent further drain on federal resources and ensure effective implementation of national budgets. The outcome of this investigation will likely have significant implications for the country’s financial management and governance.
