The House of Representatives on Thursday inaugurated an ad-hoc committee to investigate debts owed to the Federal Government by state actors, private organisations, and Ministries, Departments and Agencies.
The committee, chaired by the lawmaker representing Obokun/Oriade Federal Constituency of Osun State, Oluwole Oke, was constituted after the House adopted a motion sponsored by Salisu Yusuf and five other lawmakers during plenary.
The panel is expected to identify debtors, examine outstanding liabilities, assess recovery efforts by relevant agencies, and recommend measures for recovering the funds.
Speaking during the debate, Yusuf expressed concern over Nigeria’s rising debt burden and dwindling revenue profile, warning that failure to recover public funds was worsening the country’s fiscal challenges.
According to him, Nigeria’s total public debt rose to N153.29tn as of September 30, 2025, driven largely by increased domestic borrowing and currency depreciation.
He said, “As of September 30, 2025, Nigeria’s total public debt surged to N153.29tn, driven by increased domestic borrowing and currency depreciation.”
Yusuf added that domestic debt accounted for more than 53 per cent of the country’s debt portfolio, while external debt made up about 47 per cent.
“The debt portfolio composed of over 53% domestic debt and roughly 47% external with debt servicing consuming a significant 47.85% of government revenue in the first nine months of 2025,” he stated.
The lawmaker noted that Nigeria, like many countries, resorted to borrowing and other fiscal interventions after the COVID-19 pandemic to stabilise the economy.
“Most countries around the world, including Nigeria had recourse to borrow and deploy other monetary policy tools to deal with economic challenges,” Yusuf said.
He added that some of the economic measures introduced by the current administration had contributed to what he described as the stable position of the naira in recent months.
Despite these efforts, Yusuf argued that successive governments had focused more on debt servicing and fresh borrowing than on recovering funds owed to the Federal Government.
“The Federal Government of Nigeria is owed huge sums of money within and outside the country, including judgment debts,” he said.
“These sums are held by state and non-state actors, Ministries, Departments and Agencies of government.”
The lawmaker also referenced the Presidential Initiative on Continuous Audit established in 2015 to strengthen oversight of government finances and improve accountability in public spending.
“We are further aware of the establishment of the Presidential Initiative on Continuous Audit in 2015 to set up systems and frameworks to oversee finance and spending of Federal Government revenue aimed at achieving improved efficiency, effectiveness and accountability,” he added.
Yusuf warned that the continued inability to recover outstanding debts had deepened the government’s revenue crisis and encouraged the unlawful retention of public funds.
He said the development was negatively affecting the economy at a time when the country was facing rising debt obligations, infrastructure deficits, and mounting pressure on public finances.
Following deliberations, the House mandated the Oke-led committee to conduct a comprehensive investigation and submit its report within four weeks for further legislative action.
