The House of Representatives Public Accounts Committee has summoned officials of the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) to explain alleged financial irregularities involving government borrowing and debt recovery. The committee will question officials on Monday and Tuesday over findings in the 2024 report of the Auditor-General for the Federation.
The hearings will focus on the DMO's alleged excess borrowing of N54.57tn between 2020 and 2024, and TCN's failure to recover N446.70bn owed to the Federal Government by public institutions. The committee aims to strengthen accountability in government institutions and address financial control weaknesses identified during the audit of Ministries, Departments and Agencies (MDAs).
The committee, chaired by Bamidele Salam, will demand explanations from the agencies and examine the circumstances surrounding the reported discrepancies. In an invitation dated September 29, 2026, the committee directed both agencies to submit relevant records ahead of their appearances. The notice stated that the agencies must submit "all requested documents to the committee's secretariat... at least 72 hours before their scheduled appearances."
The DMO's alleged excess borrowing figure of N54.57tn is a major concern, as the agency reportedly contracted domestic and foreign loans worth N88.67tn during the 2020 to 2024 period. However, the amount allocated for debt financing in the approved budgets for the five years was N34.89tn. The committee will seek details of the loans contracted, approvals obtained, and procedures followed by the agency.
The lawmakers will examine the extent to which the reported borrowing activities aligned with the Federal Government's approved fiscal plans and applicable financial regulations. The DMO plays a central role in managing Nigeria's public debt, coordinating domestic and external borrowing, managing debt obligations, and advising the Federal Government on debt-management policies.
The Transmission Company of Nigeria will face questions over its alleged failure to recover N446.70bn from a total of N882.75bn owed to the Federal Government by public agencies and institutions. The committee will demand details of the institutions involved, the age and status of the debts, and measures taken by TCN to recover the funds.
The committee's actions aim to address concerns about budgetary compliance and legislative oversight, and to give the DMO and TCN an opportunity to explain the circumstances behind the audit findings and provide records that could help establish the causes of the reported excess borrowing and debt recovery issues.
Key points
- The committee will question DMO and TCN officials over alleged financial irregularities involving N54.57tn and N446.7bn.
- The DMO's alleged excess borrowing and TCN's failure to recover debts are major concerns for the committee.
- The hearings aim to strengthen accountability in government institutions and address financial control weaknesses.
