Non-compliance With Fiscal Responsibility Act... House Commttes' Invite CBN Governor, Finance Minister

The Minister of Finance Wale Edun and the Central Bank Governor Olayemi Cardoso have been invited by the Joint House of Representatives Committees on Public Account and Public Assets to appear before it on Monday June 16th 2025 over allegations of non-compliance with the provisions of Fiscal Responsibility Act 2007.

In a letter signed by both committee Chairmen Bamidele Salami and Ademorin Kuye they 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 letter noted that the Fiscal Responsibility Commission and the Auditor General of the Federation have submitted reports alleging that several Ministries, Departments and Agencies of the Federal Government including the Central Bank of Nigeria have failed to remit and at other times under-remitted their operating surpluses as required by extant financial laws and regulations in the last six years.

The Public Accounts Committee Chairman said the violations have negatively impacted the liquidity of the federal government and constituted hindrance to effective implementation of the budgets passed by parliament.

The Committees explained that both the Finance Ministry and the apex bank have been given enough time to reconcile their accounts and present their positions in order to determine the degree of financial liabilities involved adding that the invitation is a final step at resolving the issues.