The Central Bank Governor, Olayemi Cardoso, and the Minister of Finance, Wale Edun, have been invited to appear before the House of Representatives Joint Committees on Public Accounts and Public Assets on Monday, June 16, 2025.
The invitation follows allegations of non-compliance with the Fiscal Responsibility Act of 2007 and concerns from the 2021 audit report by the Auditor General for the Federation, which highlighted serious internal control weaknesses.
In a joint letter signed by the Committees’ Chairmen—Bamidele Salam (Public Accounts) and Ademorin Kuye (Public Assets)—the officials were asked to provide details regarding the remittance of operating surpluses to the Federation Account by the Central Bank, as required by financial regulations.
Both the Fiscal Responsibility Commission and the Auditor General have previously accused various ministries, departments, and agencies, including the Central Bank, of failing or under-remitting operating surpluses over the last six years. Salam noted that these violations have negatively affected federal government liquidity and hindered effective budget implementation.
The committees stated that ample time had been given to the finance ministry and central bank to reconcile records and present accurate financial data, leading to the need for a final hearing to resolve discrepancies.
In addition, the committees are investigating claims from the auditor general’s report alleging that several government-funded projects, fully paid for, remain uncompleted and unused for years. Some projects in Dutse, Abeokuta, and other locations awarded between 2011 and 2016 are yet to be completed, according to audit findings.
