Reps raise alarm over missing N250b in public funds

The Public Accounts Committee (PAC) of the House of Representatives has raised serious concerns over the disappearance of more than ₦250 billion in public funds, as exposed in recent audit reports from the Auditor-General of the Federation.

Speaking during a press briefing on Tuesday at the National Assembly in Abuja, PAC Chairman Bamidele Salam described the revelations as deeply troubling, highlighting widespread financial irregularities across multiple federal ministries, departments, and agencies (MDAs).

According to Salam, the audit reports uncovered major lapses in accountability, with no clear records on how the massive funds were spent or where they ended up. He emphasized the urgent need for reforms and stricter oversight mechanisms to curb financial mismanagement within public institutions.

“We are witnessing a disturbing pattern of financial recklessness in public institutions,” Salam stated, warning that such mismanagement undermines the country’s development goals.

According to him, the Auditor-General’s reports point to a high incidence of unauthorised virements and a growing number of audit queries issued each fiscal year.

He further disclosed that more than 60 percent of Ministries, Departments, and Agencies (MDAs) have consistently failed to comply with financial regulations.

He warned that such persistent disregard for due process continues to erode public trust, undermine sustainable national development, and weaken the country’s democratic institutions.