Reps constitute committee to investigate debts owed FG

The House of Representatives has establishedan ad-hoc committee to investigate massive unpaid debts owed to the Federal Government by various state and non-state actors.

This action stems from a motion of urgent public importance focused on the nation’s deteriorating fiscal health, marked by a total public debt that surged to ₦153.29 trillion as of September 2025.

TheLawmakers expressed grave concern that while the government has been diligent in servicing its own mounting obligations which consumed nearly 48% of total revenue in the first nine months of 2025, it has been largely ineffective in recovering trillions of naira owed to the Federation.

These outstanding funds are reportedly held by various ministries, departments, and agencies (MDAs), as well as private organizations and international entities.

The House highlighted that the failure to aggressively pursue these debts exacerbates the current revenue crisis and forces continued reliance on domestic and external borrowing to fund the national budget.

Despite the existence of the Presidential Initiative on Continuous Audit (PICA), which was designed to oversee finance and spending, lawmakers argued that systemic gaps have allowed significant public funds to remain uncollected.

The newly formed committee which will be chaired by Hon.Wole Oke is mandated to conduct a comprehensive audit of all outstanding debts, including judgment debts and unremitted revenues.

The committee is expected to provide a detailed report for further legislative intervention to ensure that all debtors fulfill their financial obligations to the state.