House of Reps: Over N250bn public expenditures unaccounted for
The House of Representatives has revealed concerning findings from the 2020/2021 Auditor General of the Federation’s reports, which indicate that over a quarter-trillion Naira in public expenditures remains unaccounted for.
The reports highlight a troubling rise in unauthorized virements and audit queries, with more than 60% of Ministries, Departments, and Agencies (MDAs) persistently failing to comply with financial regulations.
During a press briefing on Tuesday, Hon. Bamidele Salam, chairman of the Public Accounts Committee (PAC), warned that these trends, if unchecked, could severely undermine public trust and sustainable national development. He stated, “If Nigeria is to reap optimally the full benefits of the ongoing fiscal governance reforms initiated by the Tinubu-led administration, we must seize the opportunity of this conference as a platform for high-level national policy dialogue.”
The upcoming National Conference on Public Accounts and Fiscal Governance (NCPAFG) is scheduled to take place from July 6 to July 10, 2025, featuring key government figures, including President Bola Tinubu and Vice President Kashim Shettima. Salam emphasized the importance of collaboration among various stakeholders to address these challenges.
He explained, “We strongly believe it is imperative for us to leverage the opportunity of this unique conference to deepen collaboration among Public Accounts Committees, Audit Institutions, Regulatory Bodies, and Anti-Corruption Agencies.”
The conference aims to foster broad stakeholder commitment to transparency and accountability, enhance sub-national accountability, and explore global best practices in digital governance and anti-corruption. Salam noted, “At the end of the conference, we expect tangible outcomes, including significant reductions in unaccounted expenditures and improved compliance with financial regulations.”
He concluded by emphasizing the need for actionable policies to guide Nigeria towards fiscal transparency and sustainable development, as the PAC anticipates a substantial improvement in the nation’s Fiscal Governance Health Index (FGHI) through enhanced transparency measures.
Source: LEADERSHIP
