The House of Representatives Public Accounts Committee has raised alarm over the disappearance of over ₦250 billion in public funds, as revealed by audit reports from the Auditor-General of the Federation.
Speaking at a press briefing on Tuesday at the National Assembly in Abuja, Committee Chairman Bamidele Salam expressed deep concern over the findings. He stated that the missing funds were unaccounted for across various government agencies and institutions.
Salam noted a worrying increase in financial irregularities within public offices. He said the Auditor-General’s reports uncovered frequent unauthorised virements and a rising number of audit queries issued annually.
He further revealed that over 60 percent of Ministries, Departments, and Agencies (MDAs) have repeatedly failed to adhere to established financial regulations. According to him, this widespread non-compliance threatens to erode public confidence, hinder sustainable development, and weaken the country’s democratic structures.
