The House of Representatives has set up an ad-hoc committee to probe debts owed the Federal Government by Ministries, Departments and Agencies, state actors and private entities.
The committee to be chaired by Oluwole Oke, was inaugurated following the adoption of a motion moved at plenary by Salisu Yusuf and five other lawmakers.
The panel is expected to examine outstanding liabilities owed to the Federal Government, identify debtors, assess recovery efforts by relevant agencies and recommend measures for recovering the funds.
Earlier, in a motion, Yusuf expressed concern over Nigeria’s growing debt burden and declining revenue profile, warning that failure to recover monies owed to the government was worsening the country’s fiscal challenges.
“As of September 30, 2025, Nigeria’s total public debt surged to N153.29tn, driven by increased domestic borrowing and currency depreciation. 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 expressed concern that the continued failure to recover outstanding debts had compounded the government’s revenue crisis and encouraged the unlawful retention of public funds and warned that the situation was negatively affecting the economy at a time the country was grappling with rising debt obligations, infrastructure deficits and pressure on public finances.
The House subsequently mandated the Oke-led committee to conduct a comprehensive investigation into the debts and submit its report within four weeks for further legislative action.
