Where’s the Money? Reps Demand Answers from CBN, Finance Minister Over Unsettled Contracts

The House of Representatives on Thursday summoned top Federal Government officials to account for the persistent failure to pay contractors for completed projects dating back to October 2024, despite budgetary provisions made in the 2024 Appropriation Act.

Those summoned include the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Atiku Bagudu; the Accountant-General of the Federation, Babatunde Ogunjimi; and the Auditor-General for the Federation, Shaakaa Chira.

The motion, presented by Delta State lawmaker Ezechi Nnamdi, was adopted as a matter of urgent national importance.

In his address, Nnamdi raised alarms over the financial hardship facing contractors across the country, noting that despite appropriated funds, many Ministries, Departments, and Agencies (MDAs) have received less than 50% of their capital releases. He cautioned that the continued delay in disbursements could trigger widespread protests, lawsuits, and a further decline in infrastructure and service delivery.

He said, “The failure to release funds has significantly hampered the execution of constituency projects and shaken public confidence in the government’s credibility.”

Following discussions, the House directed the summoned officials to appear on Tuesday, May 13, 2025, to explain the delay and provide a definitive timeline for clearing the verified debts.

The House also tasked its Committees on Public Accounts and Budget and Economic Planning to conduct a joint investigation into the systemic issues impeding fund disbursement. The committees are to submit their findings within four weeks, including recommendations for possible legislative measures.

The probe will further examine accountability lapses within MDAs involved in payment processing, intensifying scrutiny of how public funds are being managed.