The House of Representatives. Photo: Punch
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."
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 DMO allegedly exceeded approved borrowing limits by N54.57tn during the five years covering the 2020 to 2024 fiscal years.
The report stated that the agency 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, and the committee is expected to seek explanations on the circumstances surrounding the reported discrepancy.
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.
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.
Salam has repeatedly cautioned public institutions against treating legislative summons with levity, warning that Sections 88 and 89 of the 1999 Constitution, as amended, empower the National Assembly and its committees to conduct investigations and summon persons to provide evidence or produce relevant documents.
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.
Source: Punch
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