Reps Summon Edun, Cardoso Over Missing Billions, Abandoned Projects

The House of Representatives Joint Committees on Public Accounts and Public Assets have summoned the Minister of Finance, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over alleged violations of the Fiscal Responsibility Act and concerns raised in the 2021 federal audit report.

The two top officials are expected to appear before the Committees on Monday, June 16, 2025, to answer questions related to unremitted operating surpluses and abandoned public projects.

In a letter signed by Hon. Bamidele Salam (Chairman, Public Accounts) and Hon. Ademorin Kuye (Chairman, Public Assets), the lawmakers cited “continued non-compliance” with financial regulations, particularly the remittance of operating surpluses by the CBN to the Federation Account, as required by law.

The 2021 audit report from the Office of the Auditor General for the Federation flagged serious internal control lapses, including repeated failures by government agencies—particularly the Central Bank—to fully remit revenues.

“These violations have severely impacted federal liquidity and hindered effective budget implementation,” Salam stated.

The Committees noted that sufficient time had been given to both the Ministry and the apex bank to reconcile their records, but unresolved discrepancies and lack of transparency now necessitate a final public hearing.

Also under scrutiny are multiple government-funded projects—some fully paid for—that remain abandoned years after their contracts were awarded.

“The Auditor General’s statutory report lists several projects in places like Dutse and Abeokuta, awarded between 2011 and 2016, which remain incomplete and unused,” the Committees said.

The lawmakers said they are determined to recover public funds lost through under-remittance and poorly executed contracts, warning that continued disregard for accountability mechanisms would no longer be tolerated.