The House of Representatives Joint Committees on Public Accounts and Public Assets have ordered the Minister of Finance, Wale Edun, and the Central Bank Governor, Olayemi Cardoso, to appear before them on Monday, June 16, 2025.
The committees issued the summons in response to allegations that both officials failed to comply with the Fiscal Responsibility Act of 2007. They also raised concerns over the 2021 audit report from the Auditor General’s Office, which exposed serious weaknesses in internal controls.
In a jointly signed letter, Chairmen Bamidele Salam (Public Accounts) and Ademorin Kuye (Public Assets) directed Edun and Cardoso to provide detailed records on how the Central Bank has remitted its operating surpluses to the Federation Account, in line with existing financial regulations.
The Fiscal Responsibility Commission and the Auditor General had previously accused several Ministries, Departments, and Agencies—including the Central Bank—of neglecting to remit or under-remitting their operating surpluses over the last six years.
“These violations have drained federal resources and disrupted the proper execution of parliament-approved budgets,” Salam said.
The lawmakers noted that they had already given the Finance Ministry and the CBN enough time to reconcile their records. They explained that this final hearing aims to resolve all remaining financial discrepancies.
Besides the issue of unremitted surpluses, the Committees are also investigating audit findings that accuse government agencies of leaving many fully funded projects incomplete and unused.
The audit report cited projects in Dutse, Abeokuta, and other locations, awarded between 2011 and 2016, that remain abandoned despite full payment.
