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), Dr. Yemi Cardoso, to address alleged violations of the Fiscal Responsibility Act, 2007 and concerns highlighted in the 2021 audit report by the Auditor General for the Federation.
In a formal letter signed by Rep. Bamidele Salam (Chairman, Public Accounts Committee) and Rep. Ademorin Kuye (Chairman, Committee on Public Assets), the committees directed the two officials to provide explanations regarding the CBN’s remittance of operating surpluses into the Federation Account, in accordance with financial regulations.
Reports from the Fiscal Responsibility Commission and the Auditor General indicate that several Ministries, Departments, and Agencies (MDAs), including the Central Bank, have failed to fully remit or under-remitted required surpluses over the past six years. This noncompliance, lawmakers argue, is affecting federal cash flow and hampering effective budget implementation.
According to Rep. Salam, “These recurring financial violations are undermining the government’s liquidity and obstructing the proper execution of national budgets passed by the National Assembly.”
The lawmakers noted that both the Finance Ministry and CBN were earlier given opportunities to reconcile their records and clarify the financial discrepancies, but the final hearing is now necessary to resolve all outstanding issues.
The committees are also investigating uncompleted public projects despite full payments being made. Audit reports reveal that several projects awarded between 2011 and 2016 in cities like Dutse and Abeokuta remain abandoned or incomplete.
The committees reaffirmed their commitment to transparency, fiscal accountability, and proper use of public assets and funds.
