A House committee ordered the Central Bank to finish reconciling its books with finance officials. The Public Accounts Committee chairman, Bamidele Salam, set a deadline of January 19th. This follows a House resolution that summoned the CBN governor after he missed several invitations.
The probe centers on claims that the bank failed to send over 5.2 trillion naira in government revenue to the proper account across several years. Other discrepancies involve hundreds of millions in unremitted VAT and transition funds. The Finance Minister, Wale Edun, called the reconciliation critical for national credibility and budgeting. A representative from the Fiscal Responsibility Commission admitted their past dealings with the CBN were difficult, but welcomed new legal powers to enforce compliance.
The committee scheduled a final hearing for January 26th, where the CBN governor must appear before they report their findings.
The probe centers on claims that the bank failed to send over 5.2 trillion naira in government revenue to the proper account across several years. Other discrepancies involve hundreds of millions in unremitted VAT and transition funds. The Finance Minister, Wale Edun, called the reconciliation critical for national credibility and budgeting. A representative from the Fiscal Responsibility Commission admitted their past dealings with the CBN were difficult, but welcomed new legal powers to enforce compliance.
The committee scheduled a final hearing for January 26th, where the CBN governor must appear before they report their findings.
