Juliet Akoje in Abuja.

The Joint Committees on Public Accounts and Public Assets in the House of Representatives have summoned the Minister of Finance, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso over alleged breaches of the Fiscal Responsibility Act (FRA) of 2007 and issues flagged in the Auditor-General’s 2021 report, including weaknesses in internal financial controls.

In a letter co-signed by the Chairman of the Public Accounts Committee, Hon. Bamidele Salam, and the Chairman of the Committee on Public Assets, Hon. Ademorin Kuye, both officials were directed to explain the CBN’s remittance of its operating surplus to the Federation Account, following relevant laws and regulatory frameworks.

Reports from the Fiscal Responsibility Commission and the Auditor-General for the Federation indicate that numerous federal Ministries, Departments, and Agencies (MDAs) have either failed to remit or have under-remitted their operating surpluses over the past six years, contrary to existing financial regulations.
Chairman of PAC Committee, Salam noted that these infractions have adversely affected the federal government’s cash flow and created obstacles in executing national budgets approved by the National Assembly.

The committees stated that both the Finance Ministry and the CBN had previously been granted sufficient time to reconcile their accounts and clarify their positions.

However, due to the unresolved discrepancies, a final public hearing is now required to determine the actual financial obligations involved.
Additionally, the committees are reviewing findings from the Auditor-General’s statutory report, which highlights that several publicly funded assets despite being fully paid for remain incomplete and unused for extended periods.