Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso is under fire for allegedly delaying the payment of contractors since 2024. The CBN governor alongside other key government officials will appear before the House of Representatives due to the issue.
As revealed, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister for Budget and Economic Planning, Atiku Bagudu; and the Accountant-General of the Federation, Shaaka Chira were also summoned.
Lawmakers invited all the officials in question to appear before the House for inquiry before Tuesday, May 13 2025. The lower chamber of Nigeria’s legislative arm said it demanded to understand the factor behind the delay.
Additionally, the House of Representatives commissioned the Committee on Public Accounts and the Committee on Budget and Economic Planning to work together and investigate the issue. The development surfaced after the adoption of a motion moved by Delta state legislator, Ezechi Nnamdi on Thursday.
Rep member accused CBN of contributing to unemployment in Nigeria
According to the lawmaker, contractors across all federal government ministries, departments and agencies still await payment for works completed since October 2024. Nnamdi pointed to the failure of the payment despite how the 2024 Appropriation Act provided settlement for the projects.
Furthermore, the legislator accused the MDAs of paying less than 50% of the funds released to them in the 2024 financial year. He added that the failure to fulfill the financial obligation has caused the incompleteness of projects, while leaving contractors with a huge financial burden.
He emphasized that the situation is already taking a toll on the economy. Similarly, he accused the CBN and other parties involved of reducing public confidence in the current administration.
The lawmaker went on to stress that the shortcoming has diminished investors’ trust in Nigeria’s infrastructure space. Nnamdi argued that the crisis has caused a significant number of Nigerians to lose their jobs, while affecting infrastructure development in the country.
Lastly, he urged the legislative body to bring the CBN governor to questioning, citing that the predicament could cause a nationwide protest and eventual breakdown of projects.
