Nigeria's House Committee Summons DMO, TCN Over Borrowing and Debt Recovery

The House of Representatives Public Accounts Committee has summoned officials of the Debt Management Office and the Transmission Company of Nigeria to appear over alleged financial irregularities flagged in the 2024 report of the Auditor-General for the Federation. According to Politics Nigeria, the two agencies are scheduled to face questioning on Monday and Tuesday, with the hearings set to begin at 1 pm in Hearing Room 446.

In an invitation dated September 29, 2026, the committee instructed both agencies to deliver all requested records to its secretariat in Hearing Room 4, White House, House of Representatives, at least 72 hours before their appearances. Accounting officers and relevant subject matter experts were also directed to attend. The panel is chaired by Bamidele Salam, who represents the Ede North/Ede South/Ejigbo/Egbedore Federal Constituency of Osun State.

The DMO's hearing centres on an alleged excess borrowing of N54.57tn between 2020 and 2024, a period covered by five Federal Government Appropriation Acts. The audit report states the agency contracted domestic and foreign loans worth N88.67tn, against N34.89tn allocated for debt financing in the approved budgets for those five years — a gap of roughly N53.78tn based on the two figures. The audit finding separately cites the N54.57tn excess borrowing figure, a discrepancy the committee may seek to clarify.

Lawmakers are expected to ask for details of the loans contracted, the approvals secured and the procedures the DMO followed, as well as how far the borrowing aligned with approved fiscal plans and financial regulations. The DMO coordinates domestic and external borrowing, manages debt obligations and advises the Federal Government on debt-management policy, making its activities central to financing budget deficits. Questions over borrowing beyond approved estimates raise concerns about budgetary compliance and legislative oversight.

TCN faces a separate line of questioning over the recovery of government funds. The committee is expected to press the agency on why it allegedly failed to recover N446.70bn out of N882.75bn reportedly owed to the Federal Government by public agencies and institutions. Officials will be asked to identify the institutions involved, the age and status of the debts, and what steps the company has taken to recover the money.

The hearings form part of the committee's push to strengthen accountability across government institutions and address financial control weaknesses identified during audits of Ministries, Departments and Agencies. Both agencies are expected to be given an opportunity to explain the circumstances behind the findings and to provide records that could establish whether the reported excess borrowing stemmed from unauthorised transactions, differences in accounting classifications or other factors.