The House of Representatives Joint Committee on Public Account and Public Assets has summoned Minister of Finance Wale Edun and Central Bank Governor Olayemi Cardoso to appear on Monday, June 16, 2025. The summons follows allegations of non-compliance with the Fiscal Responsibility Act 2007 and internal control weaknesses identified in the 2021 audit report by the Office of the Auditor General for the Federation.
The joint letter, signed by Bamidele Salam and Ademorin Kuye, chairmen of the respective committees, requests that both officials provide detailed explanations regarding the remittance of operating surpluses by the CBN to the Federation Account, in line with statutory requirements. The Fiscal Responsibility Commission and Auditor General have reported that several federal MDAs, including the CBN, have failed to remit or under-remitted surpluses over the last six years.
“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. The committees have allowed sufficient time for account reconciliation and now seek a conclusive hearing to ascertain the financial liabilities involved.
The committees are also investigating reports that numerous public assets, fully paid for, remain incomplete and unused. “Some of these projects in Dutse, Abeokuta, and other locations were awarded between 2011 and 2016 but yet to be completed according to audit reports,” the statement said.