The Nigerian House of Representatives has expressed concern over the disappearance of more than ₦250 billion in public funds, citing alarming levels of financial mismanagement and non-compliance with fiscal regulations by federal institutions.
Bamidele Salam, Chairman of the House Public Accounts Committee (PAC), made this revelation on Tuesday while addressing journalists at the National Assembly in Abuja. He said the findings were based on recent audit reports submitted by the Auditor-General of the Federation.
According to Salam, the audit revealed that a substantial sum of ₦250 billion remains unaccounted for across various government entities. He described the trend as a gross violation of public trust and an indication of systemic failures in the handling of public resources.
More than 60 per cent of Ministries, Departments, and Agencies (MDAs) have consistently failed to comply with established financial regulations. The Auditor-General’s reports show a disturbing pattern of unauthorised virements and an increase in audit queries year after year,” ChannelsTV reported.
The PAC chairman noted that this disregard for financial procedures is not only weakening institutional accountability but also threatening national development and eroding the credibility of Nigeria’s democratic institutions.
Salam emphasised that continued financial indiscipline within MDAs undermines the effectiveness of government programs and wastes taxpayers’ money. He called for strict enforcement of accountability measures and sanctions for defaulters.
He urged relevant authorities to take immediate action to recover missing funds and implement stronger oversight mechanisms to ensure compliance with financial laws. Recall that recently, BudgIT, a civic tech organisation focused on public finance reform, also uncovered 11,122 projects worth N6.93 trillion inserted into the 2025 federal budget by the National Assembly.
The group described the development as a serious breach of fiscal responsibility and warned that the insertions distort national priorities and fuel corruption. In January, West Africa Weekly reported that civil society groups and economic analysts heavily criticised President Bola Tinubu’s proposed budget for 2025. Many believe it fails to address Nigeria’s pressing needs and lacks transparency.
These revelations are occurring at a time when Nigeria is facing economic challenges and a growing public demand for transparency and responsible governance.
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