The House of Representatives Public Accounts Committee is set to question senior officials of the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) on Monday and Tuesday over queries raised in the 2024 Auditor-General for the Federation’s report.
The hearings form part of the committee’s efforts to enforce financial accountability among Federal Government Ministries, Departments and Agencies (MDAs) and ensure compliance 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 1pm 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 ₦54.57 trillion during the five-year period.
The report stated that the DMO contracted fresh domestic and foreign loans totalling ₦88.67 trillion, compared with ₦34.89 trillion provided for debt financing in the Federal Government’s approved budgets over the same period.
The reported figures have raised questions about compliance with legislative approvals and the procedures governing government borrowing.
The committee is expected to seek explanations from the agency regarding the audit findings 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 play a central role in the Federal Government’s financing arrangements and the management of the country’s debt obligations.
Meanwhile, TCN is expected to explain its alleged failure to recover ₦446.70 billion out of ₦882.75 billion reportedly owed to the Federal Government by various public agencies and institutions.
The committee is expected to examine the outstanding obligations, the recovery efforts undertaken by TCN and the reasons the reported balance remains unpaid.
The probe comes amid continuing concerns over public resource management, compliance with financial regulations and the recovery of government funds tied up in outstanding debts.
Salam, an Accord chieftain, has repeatedly warned public institutions against treating legislative summons with levity, stressing that the National Assembly has constitutional powers to investigate 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 individuals 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 alleged financial irregularities, non-compliance with regulations and weaknesses in internal controls.
Its work is aimed at strengthening oversight of public spending, ensuring that government agencies account for public funds and recommending 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 (NNPCL) and the Independent National Electoral Commission (INEC) reportedly failed to appear before the committee, prompting speculation about possible legislative measures to compel their attendance at a later date.
The scheduled hearings involving the DMO and TCN are expected to give lawmakers an opportunity to obtain explanations from the agencies and determine what further action may be necessary in response to the audit findings.
