In a bold move to ensure transparency and fiscal discipline within Nigeria’s public financial management system, the House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, over alleged breaches of the Fiscal Responsibility Act (FRA) 2007.
The summons, issued by the Joint Committee on Public Accounts and Public Assets, demands the appearance of both top government officials on Monday, June 17, 2025. The committee seeks to obtain clarifications on the reported non-compliance with key provisions of the FRA, including the remittance of operating surpluses into the Federation Account and weaknesses identified in financial controls, particularly in the Auditor-General’s 2021 report.
Chairmen of the committees, Rep. Bamidele Salam and Rep. Ademorin Kuye, jointly signed the invitation letter, emphasizing the need for accountability following growing concerns over Nigeria’s revenue shortfalls and budget implementation delays.
According to the Auditor-General for the Federation and the Fiscal Responsibility Commission, several Ministries, Departments and Agencies (MDAs)—including the apex bank—have consistently under-remitted or failed to remit their operating surpluses as mandated by law. The Fiscal Responsibility Act requires government-owned agencies to remit 80% of their operating surplus into the Federation Account at the end of each fiscal year.
The alleged non-compliance, which has reportedly persisted over the past six years, is said to have significantly undermined federal revenue targets. Committee Chairman Bamidele Salam noted that this failure has negatively impacted Nigeria’s liquidity and has hindered the efficient execution of national budgets.
“The lack of full remittance from key institutions like the CBN and the Ministry of Finance creates a serious budgetary gap,” Salam said. “This has implications for funding vital sectors such as healthcare, education, and infrastructure.”
Beyond surplus remittances, the committee is also probing several unresolved audit findings related to public assets that remain incomplete despite full payment. The 2021 Auditor-General’s report highlighted several abandoned capital projects, some dating as far back as 2011.
“Projects in Dutse, Abeokuta, and other locations that received full funding have not been completed or put to public use, raising concerns about procurement accountability and asset management,” the committee noted.
These revelations have added to growing calls for reforms in project supervision and delivery, as the nation grapples with rising debt and slow capital expenditure performance.
The upcoming appearance of Cardoso and Edun is expected to set the tone for more robust oversight of fiscal responsibility among Nigeria’s top financial institutions. The joint committee has affirmed that both officials were given ample time to reconcile records and present their positions. The Monday session, it said, would be a final hearing before necessary resolutions and recommendations are made.
Stakeholders are watching closely, particularly at a time when Nigeria is battling inflation, exchange rate instability, and revenue leakages. Many analysts view the hearing as a litmus test of the Tinubu administration’s commitment to fiscal transparency and legal compliance.
Meanwhile, civil society groups have urged lawmakers to extend similar scrutiny to other revenue-generating MDAs, including the Nigerian National Petroleum Company Limited (NNPC), Nigerian Ports Authority (NPA), and Nigerian Maritime Administration and Safety Agency (NIMASA), which have also been flagged in past audit reports for questionable financial practices.
As Cardoso and Edun prepare to face lawmakers, the spotlight is on whether this accountability push will lead to meaningful reforms or fizzle out in political rhetoric. For a government battling revenue challenges and seeking to boost investor confidence, compliance with fiscal statutes could prove pivotal.