Reps Summon DMO Over Alleged ₦54.57tn Borrowing Gap, TCN Over ₦446.7bn Debt

The House of Representatives Public Accounts Committee will question senior officials of the Debt Management Office and the Transmission Company of Nigeria over issues raised in the Auditor-General’s 2024 report. The DMO is expected to explain an alleged ₦54.57tn difference between borrowing estimates approved in the 2020 to 2024 budgets and reported domestic and foreign loans. The report puts the agency’s borrowing during the period at ₦88.67tn, compared with ₦34.89tn budgeted for debt financing. TCN will also be asked to account for an alleged failure to recover ₦446.7bn from public agencies and institutions. The committee wants details of recovery efforts and reasons the outstanding amount remains unpaid. The hearings are part of the committee’s oversight of public spending and compliance with financial regulations. The agencies have been directed to submit relevant documents and appear with their accounting officers and technical experts.

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