REPS INAUGURATE COMMITTEE TO PROBE OUTSTANDING DEBTS OWED FG
Read Time:2 Minute, 21 Second
By; Ganiyat Sunmola
The House of Representatives on Thursday inaugurated an ad-hoc committee to investigate debts owed to the Federal Government by state actors, private organisations, and Ministries, Departments and Agencies (MDAs), appointing Oluwole Oke, who represents Obokun/Oriade Federal Constituency of Osun State, as chairman of the panel.
The committee was constituted after the House adopted a motion sponsored by Salisu Yusuf alongside five other lawmakers during plenary.
The panel has been tasked with examining outstanding debts owed to the Federal Government, identifying debtors, reviewing recovery efforts by relevant agencies, and recommending measures to recover the funds.
While presenting the motion, Yusuf raised concerns over Nigeria’s rising debt profile and declining revenue, warning that the failure to recover public funds was worsening the country’s economic challenges.
According to him, Nigeria’s total public debt stood at N153.29 trillion as of September 30, 2025, driven largely by increased domestic borrowing and the depreciation of the naira.
He explained that domestic debt accounts for over 53 percent of the country’s debt portfolio, while external debt makes up about 47 percent, adding that debt servicing consumed nearly 48 percent of government revenue within the first nine months of 2025.
Yusuf noted that many countries, including Nigeria, resorted to borrowing and other fiscal measures after the COVID-19 pandemic to stabilise their economies.
He commended some of the economic measures introduced by the current administration, saying they had contributed to the relative stability of the naira in recent months.
However, he argued that successive governments had focused more on borrowing and debt servicing while paying less attention to recovering funds owed to the government.
“The Federal Government is owed huge sums of money both within and outside the country, including judgment debts held by state and non-state actors, as well as Ministries, Departments and Agencies,” he said.
The lawmaker also referenced the Presidential Initiative on Continuous Audit established in 2015 to improve oversight, accountability, and efficiency in government finances.
He warned that the continued inability to recover outstanding debts was deepening Nigeria’s revenue crisis and encouraging the unlawful retention of public funds.
Following deliberations, the House directed the Oke-led committee to carry out a comprehensive investigation and submit its report within four weeks for further legislative action.
The development comes amid growing concerns over Nigeria’s debt sustainability and increasing criticism over the high cost of debt servicing, which continues to consume a significant portion of national revenue.
Economic experts and policy groups have repeatedly raised concerns about unpaid taxes, unremitted operating surpluses, royalty obligations, and other liabilities owed to the Federal Government by agencies, contractors, oil firms, and other institutions.
Lawmakers believe the investigation could help improve government revenue generation without placing additional financial pressure on citizens already affected by inflation and rising living costs.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0