RismadarVoice Reporters
October 12, 2026
The House of Representatives Public Accounts Committee is preparing to question officials of the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) over financial discrepancies and outstanding debts identified in the Auditor-General for the Federation’s 2024 report.
The committee, chaired by Hon. Bamidele Salam, is seeking explanations concerning a reported ₦54.57 trillion borrowing discrepancy involving the DMO and ₦446.70 billion in outstanding obligations associated with TCN.
According to an invitation notice dated September 29, 2026, the agencies were directed to submit relevant financial records and ensure that their accounting officers and other responsible officials attend the committee’s hearings.
The DMO is expected to explain discrepancies between actual government borrowing and the amounts approved for debt financing in five federal budgets covering 2020 to 2024.
The Auditor-General’s report indicated that fresh domestic and external loans totalling ₦88.67 trillion were contracted during the period, compared with approximately ₦34.89 trillion provided for debt financing in the relevant Appropriation Acts.
The committee is expected to examine the figures, establish the applicable borrowing authorisations and determine whether the transactions complied with statutory requirements and legislative approvals.
The figures cited in the report have raised questions about the reconciliation of borrowing records and budgetary provisions. However, the reported discrepancy does not, by itself, establish that the entire amount constituted unauthorised borrowing.
The DMO, which manages Nigeria’s domestic and external public debt, is expected to provide supporting documentation and explanations concerning the transactions under review.
Meanwhile, the committee is also seeking clarification from TCN over the reported non-recovery of ₦446.70 billion from a total of ₦882.75 billion allegedly owed to the Federal Government by public agencies and institutions.
Lawmakers are expected to examine the debt records, recovery measures undertaken and circumstances surrounding the outstanding balance.
The committee will also seek to establish the responsibilities of the relevant institutions and whether appropriate financial controls were followed.
Salam has previously emphasised the importance of accountability among public institutions, warning that agencies are required to respond to lawful invitations issued by parliamentary committees.
Under Sections 88 and 89 of the 1999 Constitution, as amended, the National Assembly possesses investigative powers within its constitutional responsibilities, including the authority to summon witnesses and request relevant documents.
The Public Accounts Committee is responsible for examining the Auditor-General’s findings, reviewing public expenditure and recommending corrective measures where financial irregularities are established.
The planned hearings are expected to provide the affected agencies with an opportunity to respond to the audit observations and clarify the financial transactions under examination.
Any determination of wrongdoing would depend on the evidence presented, applicable financial regulations and the outcome of the committee’s investigation.
