The Public Accounts Committee (PAC) of Nigeria’s House of Representatives has expressed alarm over the disappearance of more than ₦250 billion in public funds, following revelations in the latest audit reports from the Office of the Auditor-General of the Federation.
Chairman of the committee, Hon. Bamidele Salam, made the disclosure while addressing journalists at the National Assembly Complex, Abuja, on Tuesday. He described the findings as deeply troubling, citing an ongoing pattern of financial mismanagement and regulatory violations across various government agencies.
According to Salam, the audit reports exposed a substantial number of unauthorised virements and a surge in financial irregularities within public institutions. “This is a disturbing trend that undermines public confidence in governance, weakens our democratic structures, and threatens the prospects of sustainable national development,” he warned.
The committee further revealed that over 60 percent of Ministries, Departments, and Agencies (MDAs) have routinely failed to adhere to financial regulations, resulting in a growing backlog of unresolved audit queries year after year.
Salam emphasised that the House of Representatives would intensify oversight functions and hold defaulting institutions accountable, urging government agencies to prioritise transparency and strict compliance with public financial management laws.
Key Highlights:
₦250 billion in public funds unaccounted for, as revealed by federal audit reports.
High incidence of unauthorised virements and financial irregularities in government institutions.
Over 60% of MDAs consistently breaching financial regulations.
House of Reps vows stricter oversight and accountability measures.
The PAC Chairman called on anti-graft agencies, civil society organisations, and the media to support efforts aimed at promoting financial transparency and good governance across all tiers of government.
