Reps Summon Finance Minister, CBN Governor Over Fiscal Responsibility Breaches

Last updated: Jun 15, 2025. 5:51 am

By Praise Ben

3 Min Read

Reps Summon Finance Minister, CBN Governor Over Fiscal Responsibility Breaches.
CBN, others accused of under-remitting operating surpluses for six years.
Lawmakers probe abandoned projects despite full payments.

The Joint House of Representatives Committees on Public Accounts and Public Assets has summoned the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Monday over allegations of non-compliance with the Fiscal Responsibility Act, 2007.

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EKO HOT BLOG reports that the committees are seeking clarifications from the duo regarding internal control lapses flagged in the 2021 audit reports by the Office of the Auditor-General for the Federation.

The summons also covers issues related to the remittance of operating surpluses into the Federation Account, as mandated by law.

In a letter signed by the committee chairmen, Hon. Bamidele Salam and Hon. Ademorin Kuye, the lawmakers demanded that Edun and Cardoso present accurate financial data and reconciliations, particularly on the CBN’s remittances, to determine the extent of fiscal liabilities involved.

According to reports submitted by the Fiscal Responsibility Commission and the Auditor-General, multiple federal Ministries, Departments, and Agencies—including the CBN—either failed to remit or under-remitted their operating surpluses to the Federation Account in the past six years, in violation of financial laws.

The lawmakers stated that both the Ministry of Finance and the CBN had been given sufficient time to reconcile their accounts and provide documentation. The upcoming hearing is expected to serve as the final platform for resolving the issues.

In a related development, the committees are also investigating a report by the Auditor-General highlighting several uncompleted public projects across the country, despite full payments having been made years ago. Reps Summon Finance Minister

“Some of these projects, located in Dutse, Abeokuta, and other areas, were awarded between 2011 and 2016. According to the audit report, many remain abandoned and unused,” the committees stated.