The House of Representatives Public Accounts Committee (PAC) has raised a red flag over the disappearance of over ₦250 billion in public funds, as uncovered in reports from the Office of the Auditor-General for the Federation.
Chairman of the Committee, Hon. Bamidele Salam, disclosed this alarming development during a recent hearing, noting that the funds remain unaccounted for across multiple Ministries, Departments, and Agencies (MDAs) of the federal government.
According to Salam, the committee’s findings were based on ongoing scrutiny of several annual audit reports submitted by the Auditor-General, which exposed widespread financial irregularities and non-compliance with due process in the management of public resources.
“What we have seen is a troubling trend where government funds are released but not properly accounted for. Over ₦250 billion is untraceable across various agencies,” he stated.
Salam stressed that the committee will not relent in its efforts to recover the missing funds, adding that accountability and transparency are fundamental to restoring public trust in governance.
He further indicated that some of the implicated agencies have failed to appear before the committee despite repeated invitations, a development he described as unacceptable and obstructive.
“We are determined to get to the root of these infractions. No public official or institution will be shielded from accountability,” he added.
The committee is expected to summon heads of defaulting agencies in the coming weeks as part of a broader effort to recover the funds and ensure compliance with Nigeria’s financial regulations.
This development has sparked fresh calls from civil society organizations and anti-corruption advocates for stricter sanctions on erring public officials and a full audit of federal expenditures.