The House of Representatives Joint Committees on Public Accounts and Public Assets have 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.
The summons follows allegations of non-compliance with the Fiscal Responsibility Act of 2007 and concerns raised in the 2021 audit report by the Office of the Auditor General for the Federation. The report flagged serious internal control weaknesses within key government institutions, including the CBN.
In a letter signed by the Chairmen of the Committees—Hon. Bamidele Salam (Public Accounts) and Hon. Ademorin Kuye (Public Assets)—the lawmakers directed both Edun and Cardoso to provide detailed records of the CBN’s remittance of operating surpluses to the Federation Account, in line with statutory financial regulations.
The Fiscal Responsibility Commission and the Auditor General had, in multiple reports, accused various Ministries, Departments, and Agencies (MDAs)—including the CBN—of failing to remit or under-remitting their operating surpluses over the past six years. Lawmakers noted that these violations have directly impacted the liquidity of the federal government and disrupted the execution of national budgets.
“These violations have negatively impacted the liquidity of the federal government and constitute a hindrance to effective implementation of the budgets passed by parliament,” Salam stated.
According to the Committees, enough time had already been given for the Finance Ministry and CBN to reconcile their records. The upcoming hearing will serve as a final opportunity to clarify and resolve the financial discrepancies.
Beyond the issue of unremitted surpluses, the Committees are also investigating alarming revelations in the Auditor General’s report that several government-funded capital projects—some fully paid for—remain uncompleted or abandoned.
“Some of these projects in Dutse, Abeokuta, and other locations were awarded between 2011 and 2016 but are yet to be completed according to audit reports,” the lawmakers noted.
The joint hearing is expected to press for accountability and transparency on how public funds have been managed across several federal agencies.
What you should know
The House Committees are holding top finance officials accountable over years of financial mismanagement and stalled government projects. Their appearance on June 16 could determine whether more drastic oversight actions will be taken.
