House of Representatives Committee Questions DMO and Transmission Company on 2024 Borrowing Discrepancy

The House of Representatives Public Accounts Committee will question senior officials from the Debt Management Office and the Transmission Company of Nigeria on Monday and Tuesday regarding queries in the 2024 Auditor-General for the Federation’s report.

The committee, led by Bamidele Salam of Ede North/Ede South/Ejigbo/Egbedore Federal Constituency in Osun State, plans to investigate alleged irregularities in government borrowing and outstanding debt recovery to the Federal Government.

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, states that the Debt Management Office exceeded approved borrowing limits by N54.57tn over five years.

The report indicates that the Debt Management Office contracted fresh domestic and foreign loans totaling N88.67tn, while the Federal Government’s approved budgets allocated N34.89tn for debt financing during the same period.

The discrepancy between the reported borrowing figure and the budgeted amount raises concerns about compliance with legislative approvals and government borrowing procedures.

The committee intends to request explanations from the Debt Management Office about the circumstances of the reported discrepancy and the steps taken to ensure borrowing aligns with approved fiscal plans.