The House of Representatives Public Accounts Committee will question senior officials of the Debt Management Office and the Transmission Company of Nigeria on Monday and Tuesday over queries raised in the 2024 Auditor-General for the Federation’s report.
The invitations form part of the committee’s ongoing efforts to enforce financial accountability among Ministries, Departments and Agencies of the Federal Government and ensure that public institutions comply with established financial regulations.
The committee, chaired by Bamidele Salam, who represents Ede North/Ede South/Ejigbo/Egbedore Federal Constituency of Osun State, is expected to examine alleged irregularities involving government borrowing and the recovery of outstanding debts owed to the Federal Government.
A notice of invitation dated September 29, 2026, cited by The PUNCH, directed the two agencies to submit “all requested documents to the committee’s secretariat in Hearing Room 4, White House, House of Representatives, at least 72 hours before their scheduled appearances.”
The notice also required “the accounting officers and relevant subject matter experts of both agencies to attend the hearings at 1 pm in Hearing Room 446.”
The DMO is expected to explain its alleged failure to comply with borrowing estimates contained in five Appropriation Acts covering the 2020 to 2024 fiscal years.
According to the Auditor-General for the Federation’s Annual Report on Non-compliance and Internal Control Weaknesses in MDAs for the year ended December 31, 2024, the agency allegedly exceeded approved borrowing limits by N54.57tn during the five years.
The report stated that the DMO contracted fresh domestic and foreign loans totalling N88.67tn, against N34.89tn provided for debt financing in the Federal Government’s approved budgets over the same period.
The difference between the reported borrowing figure and the budgeted amount raises questions about compliance with legislative approvals and the procedures governing government borrowing.
The committee is expected to seek explanations from the agency on the circumstances surrounding the reported discrepancy and the measures taken to ensure that borrowing activities comply with approved fiscal plans.
The DMO is responsible for managing Nigeria’s public debt, including domestic and external borrowing, debt servicing and the implementation of government debt-management policies. Its activities are central to the Federal Government’s financing arrangements and the management of the country’s debt obligations.
The Transmission Company of Nigeria, on its part, is expected to account for its alleged failure to recover N446.70bn out of N882.75bn owed to the Federal Government by various public agencies and institutions.
The amount in question represents outstanding obligations reportedly owed by public entities, with the committee expected to seek clarification on the recovery efforts made by TCN and the reasons for the unpaid balance.
The hearing comes amid continuing concerns over the management of public resources, compliance with financial regulations and the recovery of government funds tied up in outstanding debts.
Salam, an Accord chieftain, has repeatedly cautioned public institutions against treating legislative summons with levity, warning that the National Assembly has constitutional powers to investigate matters relating to public expenditure and the management of government funds.
Sections 88 and 89 of the 1999 Constitution, as amended, empower the National Assembly and its committees to conduct investigations within their constitutional mandate and summon persons to provide evidence or produce relevant documents.
The Public Accounts Committee examines reports submitted by the Auditor-General for the Federation, scrutinising public accounts and investigating cases of alleged financial irregularities, non-compliance with regulations and weaknesses in internal controls.
Its work is intended to strengthen oversight of public spending, ensure that government agencies account for the use of public funds and recommend appropriate action where breaches are established.
The committee has also recorded financial recoveries for the Federal Government from oil companies, MDAs and government-owned enterprises over the past two years.
However, its oversight activities have occasionally been complicated by the failure of some institutions to honour invitations.
Last week, the Nigerian National Petroleum Company Limited and the Independent National Electoral Commission reportedly failed to honour the committee’s summons, prompting speculation about possible legislative measures to compel their appearance at a later date.
The scheduled hearings involving the DMO and TCN will provide the committee an opportunity to obtain explanations from the agencies and determine what further action may be necessary in response to the audit findings.
Source: punchng.com
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