The House of Representatives Public Accounts Committee will question officials of the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) over alleged financial irregularities identified in the 2024 Auditor-General for the Federation’s report.
The committee, chaired by Bamidele Salam, is expected to examine the agencies’ compliance with financial regulations and seek explanations for discrepancies in government borrowing and outstanding debts.
The DMO is expected to explain an alleged N54.57tn excess in borrowing between 2020 and 2024. According to the audit report, the agency contracted domestic and foreign loans totalling N88.67tn during the period, compared with N34.89tn approved for debt financing in the Federal Government’s budgets.
The committee will also question TCN over its failure to recover N446.7bn out of N882.75bn reportedly owed to the Federal Government by public agencies and institutions. The hearing is expected to clarify the outstanding balance and the measures taken to recover the funds.
The committee has directed both agencies to submit the requested documents ahead of their appearances and ensure that their accounting officers and relevant officials attend the hearings.
The Public Accounts Committee examines audit reports and investigates alleged financial irregularities, with the aim of strengthening accountability and ensuring that government agencies comply with established financial regulations.
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