Representative summoned Edun, Cardoso for the alleged non-compliance with the Fiscal Responsibility Law

The Committee of the Joint House of Representatives and Public Assets has summoned the Minister of Finance, Olawale Edun, and the Governor of the Central Bank Nigeria (CBN), Yemi Cardoso, for alleged non-compliance with the Fiscal Responsibility Law, 2007.

This duo will appear before the committee on Monday to make clarification about this problem.

The Chairperson of the Public Account Committee, Bamidele Salam, and his public asset partner, Ademorin Kuye, revealed this in a statement on Saturday in Abuja.

The two men are also expected to clarify the weaknesses of internal control identified in the 2021 report by auditors for federations.

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The two committees have sent an invitation letter to the affected officials who asked them to provide details about sending surplus operations to the federation account by CBN, in accordance with existing laws.

The Fiscal Responsibility and Auditor-General-Remarks Commission for the previous federation has submitted a report that accuses that several ministries, departments and institutions (MDA), including the Central Bank of Nigeria (CBN), have failed to send or under the supervision of the operating surplus as required by the Financial Law which is still in the last six years.

The Chairperson of the Public Account Committee stated that the violation had a negative impact on the liquidity of the federal government, thus it was a barrier for effective implementation of the budget ratified by the parliament.