The House of Representatives Joint Committees on Public Accounts and Public Assets have directed the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before them on Monday, June 16, 2025.
This decision was taken after the committees reviewed the 2021 audit report from the Auditor General for the Federation.
The report raised concerns about weak internal control systems and failure by some government agencies to follow the Fiscal Responsibility Act of 2007.
One of the main issues to be addressed is the alleged failure of the Central Bank and other government agencies to fully transfer their operating surpluses into the Federation Account as required by financial rules.
These shortfalls reportedly cover a period of six years.
The committees noted that the repeated failure to remit funds has affected the government’s ability to manage its finances and carry out budget plans approved by the National Assembly.
They said enough time had been given for the Finance Ministry and the Central Bank to update their records and give a clear financial report, but key questions remain unanswered.
Apart from the remittance issue, the lawmakers are also examining details in the audit report which claim that several public projects, although fully paid for, remain incomplete and unused.
Some of these abandoned projects, located in cities like Dutse and Abeokuta, were reportedly awarded between 2011 and 2016.
The upcoming hearing is expected to provide answers and bring clarity to the financial handling of these matters.
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