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 the recovery of outstanding debts totalling hundreds of billions of naira.
Politics Nigeria gathered that the committee is expected to question officials of the two agencies on Monday and Tuesday over findings contained 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, as well as TCN’s failure to recover N446.70bn reportedly owed to the Federal Government by various public institutions.
The invitations are part of the committee’s efforts 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, who represents Ede North/Ede South/Ejigbo/Egbedore Federal Constituency of Osun State, is expected to 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 in Hearing Room 4, White House, House of Representatives, at least 72 hours before their scheduled appearances.”
It further directed “the accounting officers and relevant subject matter experts of both agencies to attend the hearings at 1 pm in Hearing Room 446.”
The committee is expected to review the documents and question the officials on the audit findings, including the steps taken to address the issues raised by the Auditor-General.
For the DMO, the major concern is its alleged failure to comply with borrowing estimates approved in five Federal Government Appropriation Acts covering the 2020 to 2024 fiscal years.
According to the Auditor-General’s Annual Report on Non-compliance and Internal Control Weaknesses in MDAs for the year ended December 31, 2024, the agency reportedly contracted domestic and foreign loans worth N88.67tn during the period.
However, the amount allocated for debt financing in the approved budgets for the five years was N34.89tn.
The difference between the reported borrowing figure and the budgeted amount is approximately N53.78tn based on the two figures provided.
The audit finding separately cites an alleged excess borrowing figure of N54.57tn, a discrepancy the committee may need to clarify during the hearing.
The lawmakers are expected to seek details of the loans contracted during the period, the approvals obtained for the transactions and the procedures followed by the agency in carrying out its borrowing responsibilities.
They may also examine the extent to which the reported borrowing activities aligned with the Federal Government’s approved fiscal plans and the applicable financial regulations.
The DMO plays a central role in managing Nigeria’s public debt. Its responsibilities include coordinating domestic and external borrowing, managing debt obligations and advising the Federal Government on debt-management policies.
The agency’s activities are important to the government’s ability to finance budget deficits and meet its financial obligations.
Questions about borrowing beyond approved estimates therefore raise concerns about budgetary compliance and legislative oversight.
The committee is expected to give the DMO an opportunity to explain the circumstances behind the audit findings and provide records that could help establish whether the reported excess borrowing resulted from unauthorised transactions, differences in accounting classifications or other factors.
The Transmission Company of Nigeria will face questions over a separate issue involving the recovery of outstanding government funds.
The agency is expected to explain why it has allegedly failed to recover N446.70bn from a total of N882.75bn reportedly owed to the Federal Government by public agencies and institutions.
The outstanding amount represents a substantial portion of the total debt identified in the audit findings.
The committee is expected to demand details of the institutions involved, the age and status of the debts, and the measures taken by TCN to recover the funds.
