House Committee Uncovers ₦250 Billion Missing from Nigeria’s Public Funds

The House of Representatives Public Accounts Committee raised alarm over ₦250 billion in unaccounted public funds, uncovered during a review of the 2023 Auditor-General’s report in Abuja.

The committee, chaired by Bamidele Salam, identified discrepancies in 50 ministries, departments, and agencies (MDAs), including ₦100 billion in unremitted revenue and ₦150 billion in misappropriated expenditures. Key culprits include the Ministry of Works, with ₦50 billion in untraced contracts, and the Nigerian Ports Authority, owing ₦30 billion in unremitted levies. The report flagged 1,200 ghost workers and 500 unverified projects, costing ₦20 billion.

Salam demanded MDAs submit financial records within 14 days, threatening sanctions, as Nigeria’s 2025 budget of ₦98 trillion faces a ₦34 trillion deficit. The findings align with President Tinubu’s anti-corruption pledge, with $500 million recovered in 2024, but critics note only 10% of looted funds return to public use.

Public outrage, with 70% in polls demanding prosecutions, reflects distrust, as 1,000 corruption cases remain unresolved since 2020. The committee’s probe, covering 2019-2023, revealed 60% of MDAs lack audited accounts, violating the 1999 Constitution. Analysts link the losses to Nigeria’s 34% inflation, impacting 100 million citizens, and call for digital audits to curb leakages. The House plans a public hearing by July 2025, targeting 200 MDAs to recover ₦500 billion by 2026.