A staggering ₦250 billion in public funds has vanished from government coffers, prompting outrage and concern from the Public Accounts Committee of the House of Representatives.
The revelation, brought to light through audit reports from the Auditor-General of the Federation, was disclosed by the committee’s chairman, Hon. Bamidele Salam, during a press briefing at the National Assembly on Tuesday.
According to Salam, the missing funds are spread across various Ministries, Departments, and Agencies (MDAs), with many failing to account for how the monies were used—or if they were used at all.
“What we are dealing with is not just an accounting error, but a systematic failure to uphold transparency and accountability,” Salam told journalists. “The reports point to a disturbing pattern of unauthorised virements and unchecked financial recklessness.”
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The committee noted that over 60 percent of MDAs regularly flout financial regulations, ignoring audit recommendations and failing to respond to audit queries—actions that continue to deepen the country’s trust deficit in public institutions.
Salam warned that the growing trend of financial mismanagement is not only undermining national development but also posing a serious threat to Nigeria’s democratic stability.
“This consistent breach of due process reflects a culture of impunity that must be addressed urgently,” he said.
The Public Accounts Committee has vowed to intensify scrutiny of errant agencies, hinting at potential sanctions and legislative action to stem the tide of fiscal indiscipline.