The Public Accounts Committee of the House of Representatives has raised the alarm over the disappearance of more than ₦250 billion in government funds, as revealed in recent audit reports from the Auditor-General of the Federation.
Speaking to journalists at the National Assembly in Abuja on Tuesday, the committee chairman, Hon. Bamidele Salam, expressed deep concern over the growing rate of financial mismanagement and irregularities across several Ministries, Departments, and Agencies (MDAs).
According to Salam, the Auditor-General’s reports showed that the missing funds remain unaccounted for and are spread across various federal institutions. He said the findings point to a troubling pattern of financial recklessness and poor compliance with regulations.
“The situation is serious. The audit reports reveal unauthorised spending, missing funds, and a rising number of audit queries issued each year,” Salam stated.
He further revealed that over 60 percent of MDAs have failed to follow proper financial procedures, despite repeated warnings and oversight efforts. This lack of accountability, according to him, poses a threat to national development and weakens Nigeria’s democratic system.
“When public institutions refuse to obey financial rules, it destroys trust in government and damages our ability to grow as a nation,” Salam said.
The committee is now pushing for stricter enforcement of audit recommendations and more severe consequences for agencies that ignore financial regulations. Lawmakers have vowed to hold public officials accountable and ensure that those responsible for the missing funds are identified and prosecuted.
This is not the first time concerns have been raised about the management of public funds in Nigeria. Year after year, audit reports from the Office of the Auditor-General have pointed out widespread financial misconduct, with little action taken against offenders.
The committee’s revelation comes at a time when the country is battling economic challenges, including rising inflation, currency depreciation, and revenue shortfalls. Nigerians have consistently demanded greater transparency and accountability in government spending.
The House Public Accounts Committee says it will continue to investigate the matter and report its findings to the full House for further action.
