The House of Representatives has invited the Minister of Finance, Wale Edun and Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso to appear before it on Monday over alleged internal control weaknesses in the 2021 Auditor General’s reports and non-compliance with the provisions of Fiscal Responsibility Act, 2007.
The House joint committee on Public Account and Public Assets extended the invitation in a letter signed jointly by their chairmen, Hon. Bamidele Salam and Hon. Ademorin Kuye, respectively.
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 failed to remit or under-remitted their operating surpluses as required by extant financial laws and regulations in the last six years.
According to the Public Accounts committee chairman, Salam, “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 committee 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.
Equally being considered by the committee is the report in the Auditor General for the Federation statutory report suggesting that a number of Public assets which had been fully paid for have not been completed and put into use for many years.
According to the audit report, some of these projects located in Dutse, Abeokuta and other places were awarded between 2011 and 2016 but yet to be completed.
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