The House of Representatives is set to investigate the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) over alleged financial breaches involving ₦54.57tn in excess borrowing and ₦446.70bn in unrecovered debts.
The House Public Accounts Committee will meet with officials of the two agencies on Monday and Tuesday following issues raised in the 2024 report of the Auditor-General for the Federation.
The probe is part of the lawmakers’ efforts to ensure that government institutions follow financial regulations and properly account for public funds.
The committee, led by Bamidele Salam, is expected to seek explanations over the DMO’s borrowing activities and TCN’s handling of debts owed to the Federal Government.
The DMO is under scrutiny for allegedly exceeding borrowing limits approved in five federal budgets covering 2020 to 2024.
The Auditor-General’s report indicated that the agency obtained ₦88.67tn in domestic and foreign loans within the five-year period, while the approved budgets provided ₦34.89tn for debt financing.
The reported difference of ₦54.57tn has raised concerns about whether the agency complied with the borrowing limits authorised by the National Assembly.
Lawmakers are expected to question the DMO on the circumstances surrounding the gap and the steps taken to ensure that government borrowing follows approved budgetary provisions.
TCN, on the other hand, is expected to explain why ₦446.70bn out of ₦882.75bn reportedly owed to the Federal Government by public institutions remains unrecovered.
The committee will seek details of the company’s debt recovery efforts and the reasons the outstanding amount has not been fully collected.
In a notice dated September 29, 2026, the committee instructed both agencies to provide the necessary documents ahead of their appearances. It also directed their accounting officers and relevant experts to attend the hearings.
Salam has previously warned government institutions against disregarding invitations from the legislature, noting that the National Assembly has constitutional powers to investigate public expenditure and demand relevant records.
Sections 88 and 89 of the 1999 Constitution, as amended, provide the legal basis for legislative investigations and the summoning of individuals to give evidence or produce documents.
The Public Accounts Committee is responsible for examining the Auditor-General’s reports and investigating suspected financial irregularities, poor internal controls and breaches of public finance rules.
Although the committee has recorded recoveries from oil companies, government agencies and public enterprises in recent years, some institutions have failed to honour its invitations.
Last week, the Nigerian National Petroleum Company Limited and the Independent National Electoral Commission reportedly failed to appear before the committee, prompting concerns about possible further action.
The planned sessions with the DMO and TCN are expected to help lawmakers establish the circumstances behind the audit findings and decide on any necessary follow-up measures.