Reps Launch Probe Into Debts Owed FG, Set Up Recovery Panel

By Christiana Ekpa

The House of Representatives on Thursday inaugurated an ad hoc committee to investigate outstanding debts owed to the Federal Government by Ministries, Departments and Agencies, private organisations and other state actors.

The committee, chaired by the lawmaker representing Obokun/Oriade Federal Constituency of Osun State, Rep. Oluwole Oke, was constituted following the adoption of a motion sponsored by Rep. Salisu Yusuf and five other lawmakers during plenary.

The panel is expected to identify debtors, assess ongoing recovery efforts by relevant agencies and recommend measures for the recovery of public funds.

Moving the motion, Yusuf expressed concern over Nigeria’s rising debt profile and declining revenue base, warning that failure to recover monies owed to the Federal Government was worsening the nation’s fiscal challenges.

He disclosed that Nigeria’s total public debt rose to N153.29tn as of September 30, 2025, driven largely by increased domestic borrowing and the depreciation of the naira.

According to him, domestic debt accounts for over 53 per cent of the country’s debt portfolio, while external debt makes up about 47 per cent, with debt servicing consuming nearly 47.85 per cent of government revenue within the first nine months of 2025.

The lawmaker noted that countries across the world, including Nigeria, adopted borrowing and other fiscal interventions in the aftermath of the COVID-19 pandemic to stabilise their economies.

“Some of these tools have been effectively and pragmatically deployed by the current administration and a notable effect is the stable and strong position of the naira over the last 15 months,” he said.

Yusuf, however, lamented that while successive administrations focused heavily on debt servicing and fresh borrowing, inadequate attention had been paid to recovering outstanding debts owed to the Federal Government.

“The Federal Government is owed huge sums of money within and outside the country, including judgment debts. These sums are held by state and non-state actors, Ministries, Departments and Agencies of government,” he said.

He also referenced the establishment of the Presidential Initiative on Continuous Audit in 2015, created to strengthen oversight of government finances and improve accountability in public spending.

The House expressed concern that the continued failure to recover the debts had compounded the country’s revenue crisis and encouraged unlawful retention of public funds.

Lawmakers further warned that the situation was negatively impacting the economy at a time Nigeria faces mounting debt obligations, infrastructure deficits and pressure on public finances.

Following the resolution, the House mandated the Oke-led committee to conduct a comprehensive investigation into the debts and submit its report within four weeks for further legislative action.

The move comes amid growing concerns over Nigeria’s debt sustainability and the widening gap between government revenue and expenditure.