Reps Committees Invite Finance Minister, CBN Governor Over Audit Reports and Non-compliance with Fiscal Responsibility Act
The Joint House of Representatives Committee on Public Account and Public Assets have invited the Minister of Finance, Chief Adebayo Olawale Edun and Governor of Central Bank of Nigerian, Dr Olayemi Cardoso to appear before it On Monday, 16th June, 2025 over allegations of non-compliance with the provisions of Fiscal Responsibility Act 2007 as well as internal control weaknesses identified in the 2021 reports by the Auditor General for the Federation.
In a letter signed jointly by the Chairmen, House Committee on Public Accounts , Rep. Bamidele Salam and Chairman Committee on Public Assets Ademorin Kuye, the committees asked the Finance Minister and CBN Governor to provide details on remittance of operating surplus to the Federation Account by the apex bank in line with the provisions of relevant laws and regulations.
The Fiscal Responsibility Commission and the Auditor General for the Federation have submitted reports alleging that several Ministries, Departments and Agencies of the Federal Government including the CBN have failed to remit or under remitted their operating surplusses as required by extant financial laws and regulations in the last six years.
According to the Public Accounts Committee Chairman, “these violations have negatively impacted the liquidity of the federal government and constitute a hindrance to effective implementation of the budgets passed by parliament.”
The Committes said it had given both the Finance Ministry and the apex bank ample opportunity to reconcile their accounts and present their positions in order to determine the degree of financial liabilities involved, hence the need for a final hearing to resolve the issues.
The Committee is equally looking at a report in the Auditor General for the Federation statutory report which suggests that a number of Public assets which had been fully paid for have not been completed and put into use for many years.
“Some of these projects in Dutse, Abeokuta and other locations were awarded between 2011 and 2016 but yet to be completed according to audit reports”
