The Joint House of Representatives 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), Olayemi Cardoso, over Ministries, Department and Agencies (MDAs) persistent violations Fiscal Responsibility Act, 2007.
The Minister and the CBN governor are to appear before the lawmakers on Monday, June 16, 2025, to explain reasons the MDAs do not comply with provisions of the act which was designed to ensure prudent management of the nation’s resources, promote macroeconomic stability, and enhance transparency and accountability in fiscal operations.
In a letter jointly signed by the Chairman of the House Committee on Public Accounts, Bamidele Salam, and the Chairman of the Committee on Public Assets, Ademorin Kuye, on Saturday, the Committees requested both officials to provide comprehensive details on the remittance of operating surpluses to the Federation Account, in accordance with existing financial laws and regulations.
The summons follows reports from the Fiscal Responsibility Commission and the Office of the Auditor General for the Federation, which allege that several Ministries, Departments, and Agencies (MDAs), including the CBN, have either failed to remit or have under-remitted their operating surpluses over the past six years.
According to Public Accounts Committee Chairman, Bamidele Salam, these violations have adversely affected federal government liquidity and posed obstacles to the effective implementation of national budgets passed by the National Assembly.
The Committees noted that ample time had been granted to both the Finance Ministry and the CBN to reconcile their records and present their positions on the matter.
The upcoming hearing, they explained, aims to conduct a final review and resolve the financial discrepancies identified.
In addition, the Committees are investigating findings from the Auditor General’s statutory report, which alleges that several government projects, fully paid for years ago, remain incomplete and unused.
The report highlights projects in locations such as Dutse, Abeokuta, and other parts of the country — many of which were awarded between 2011 and 2016 — that are yet to be delivered, despite significant public investment.
The hearing is expected to address these critical financial accountability concerns and determine the extent of liabilities involved.a1
