The Public Accounts Committee of the House of Representatives has expressed grave concern over the disappearance of more than ₦250 billion in public funds, as flagged by the Auditor-General of the Federation.
Chairman of the committee, Bamidele Salam, disclosed this during a press briefing at the National Assembly in Abuja on Tuesday, citing findings from the Auditor-General’s audit reports.
According to Salam, the reports indicate that the massive sum remains unaccounted for across several government entities. He also pointed to a troubling trend of increasing financial irregularities and poor adherence to fiscal accountability among public institutions.
The lawmaker emphasized that over 60 percent of Ministries, Departments, and Agencies (MDAs) have repeatedly failed to comply with established financial regulations.
“The reports show a high incidence of unauthorised virements and a growing number of audit queries being raised each year,” he said.
Salam warned that the persistent lack of transparency and accountability is eroding public confidence, threatening national development, and weakening democratic institutions.
He called for urgent reforms to address these lapses and ensure a more transparent and responsible management of public resources.
What you should know
Over ₦250 billion in public funds remains unaccounted for, according to audit reports presented to the House of Representatives.
Committee Chairman Bamidele Salam says financial misconduct is widespread among MDAs, warning that it threatens trust in governance and long-term national development.
