Reps Summon Finance Minister, CBN Governor Over Alleged Audit Breaches and Unremitted Funds

Jovi ObasiJune 15, 2025 7:46 am

1 minute read

Reps committees demand answers from Finance Minister and CBN Governor over audit red flags.

They are probing missing surpluses and abandoned projects dating back more than a decade.

The House of Representatives Joint Committees on Public Accounts and Public Assets have summoned the Minister of Finance, Wale Edun, along with the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before them on Monday, June 16, 2025.

This move follows concerns raised in the 2021 audit report released by the Office of the Auditor General for the Federation. The report pointed out several lapses in internal financial controls and accused key government agencies, including the Central Bank, of not complying with the Fiscal Responsibility Act of 2007.

In their signed letter, Bamidele Salam and Ademorin Kuye asked the Finance Minister and the CBN Governor to explain how surplus revenues have been handled. Specifically, they want to know if the CBN and other agencies have been properly transferring their operating surpluses into the Federation Account, as required by law.

Earlier findings by the Auditor General and the Fiscal Responsibility Commission revealed that many government bodies, including the CBN, had either not remitted or only partially remitted these surpluses over the past six years.

Salam emphasized that these shortfalls have strained the federal government’s finances and disrupted the execution of national budgets approved by the National Assembly.

The committees noted that enough time had been given to the Finance Ministry and the Central Bank to straighten out their records. The upcoming meeting is intended to address all unresolved financial questions.

Beyond the surplus issue, the lawmakers are also investigating claims that some projects fully funded by the government remain incomplete. According to the audit report, several of these projects, located in areas like Dutse and Abeokuta, have been stalled since as far back as 2011.