House Committee to Question Debt Management Office and TCN Over Borrowing Issues

The House of Representatives’ Public Accounts Committee will question officials from the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) on Monday and Tuesday. This inquiry follows concerns raised in the 2024 report from the Auditor-General for the Federation.

The committee, led by Bamidele Salam, aims to ensure financial accountability among government agencies and compliance with financial rules. They will look into issues related to government borrowing and the collection of outstanding debts owed to the Federal Government.

A notice sent to both agencies requires them to submit all necessary documents to the committee before their scheduled appearances. The DMO will need to explain its alleged failure to stick to borrowing limits set by five budget laws covering 2020 to 2024. Reports indicate that the DMO borrowed over N54 trillion more than what was allowed during this period.

Specifically, the DMO reportedly took on N88.67 trillion in loans, while only N34.89 trillion was budgeted for debt financing. This significant difference raises concerns about how borrowing is managed and whether it follows the law.

On the other hand, the TCN is expected to address its failure to recover N446.7 billion of the N882.75 billion owed to the Federal Government. The committee will seek to understand the reasons behind this unpaid debt and what actions TCN has taken to recover it.

These hearings come amid ongoing worries about how public resources are managed and the enforcement of financial regulations. Salam has warned public institutions to take legislative summons seriously, reminding them that the National Assembly has the power to investigate public spending issues.

The Public Accounts Committee’s role includes reviewing reports from the Auditor-General and investigating financial irregularities. Their work aims to improve oversight of public spending and ensure government agencies are accountable for public funds.