The House of Representatives Public Accounts Committee will question officials of the Debt Management Office (DMO) and the Transmission Company of Nigeria TCN over alleged financial irregularities involving government borrowing and outstanding debts owed to the Federal Government.

The committee, chaired by Bamidele Salam, is scheduled to meet officials of the two agencies on Monday and Tuesday following queries raised in the Auditor-General for the Federation’s 2024 report on non-compliance and internal control weaknesses in Ministries, Departments and Agencies.

According to the audit report, the DMO allegedly exceeded approved borrowing estimates by ₦54.57tn between 2020 and 2024, a period covered by five Federal Government Appropriation Acts.

The report stated that the agency contracted fresh domestic and foreign loans totalling ₦88.67tn during the five-year period, compared with ₦34.89tn provided for debt financing in approved budgets.

The committee is expected to seek explanations from the DMO regarding the reported difference and whether its borrowing activities complied with legislative approvals and established fiscal procedures.

The agency has also been directed to submit the requested documents ahead of the hearing, while its accounting officers and relevant experts are expected to appear before the lawmakers.

TCN, meanwhile, is expected to explain why it has allegedly failed to recover ₦446.70bn out of ₦882.75bn owed to the Federal Government by various public agencies and institutions.

The committee will seek details of the outstanding obligations, the measures taken to recover the funds and the reasons a substantial portion remains unpaid.

The investigation forms part of the committee’s oversight responsibilities, which include examining the Auditor-General’s reports, scrutinising public accounts and investigating suspected financial irregularities or weaknesses in internal controls.

Salam has warned public institutions against disregarding legislative invitations, noting that Sections 88 and 89 of the 1999 Constitution, as amended, empower the National Assembly to conduct investigations within its constitutional mandate and summon relevant persons to provide evidence or documents.

The committee has recorded financial recoveries from oil companies, government agencies and public enterprises in recent years. However, its work has occasionally been affected by institutions failing to honour invitations.

The Nigerian National Petroleum Company Limited and the Independent National Electoral Commission reportedly failed to appear before the committee the previous week, prompting concerns about possible further legislative action.

The forthcoming hearings are expected to give the DMO and TCN an opportunity to respond to the audit findings and provide information that could guide the committee’s recommendations on accountability and the management of public funds.