Nigeria House of Representatives to probe DMO and TCN over N54.57tn borrowing excess

The House of Representatives Public Accounts Committee is set to question senior officials from the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) regarding financial irregularities. The hearings, scheduled for Monday and Tuesday, follow queries raised in the 2024 Auditor-General for the Federation’s report.

The committee, led by Chairman Bamidele Salam, aims to investigate alleged non-compliance with financial regulations and the recovery of outstanding debts owed to the Federal Government. A primary focus of the inquiry is the DMO’s alleged failure to adhere to borrowing estimates outlined in five Appropriation Acts between 2020 and 2024.

According to the Auditor-General’s report on internal control weaknesses, the DMO reportedly exceeded approved borrowing limits by N54.57tn during this five-year period. The report indicates that the agency contracted domestic and foreign loans totaling N88.67tn, significantly higher than the N34.89tn allocated for debt financing in the approved federal budgets.