The Joint House of Representatives Committees on Public Accounts and Public Assets have ordered the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to show up over alleged non-compliance with the Fiscal Responsibility Act of 2007 and also the internal control lapses discovered in the 2021 audit reports by the Auditor General for the Federation. A letter was signed by the Chairmen of the Committees— Bamidele Salam (Public Accounts) and Ademorin Kuye (Public Assets)—where the lawmakers have asked both officials to provide detailed explanations on the remittance of operating surpluses to the Federation Account, in line with relevant financial laws and regulations.
Reports from the Fiscal Responsibility Commission and the Auditor General indicate that several ministries, departments, and agencies (MDAs), including the CBN, have either failed to remit or under-remitted their operating surpluses over the past six years.
According to Salam, “These violations have negatively impacted the liquidity of the federal government and hindered effective implementation of the budgets passed by the parliament.”
Both committees stated that the Ministry of Finance and the Central Bank of Nigeria had been given enough time to reconcile their accounts and yield their positions. However, with unresolved issues remaining, a final hearing has been scheduled to determine the extent of financial liabilities.
Furthermore, the committees are reviewing parts of the Auditor General’s report that point to several public assets, fully paid for by the government that remain uncompleted and unused, years after contract awards.
“Some of these projects, located in Dutse, Abeokuta, and other areas, were awarded between 2011 and 2016, but yet to be completed,” the report states.