Reps Raise the Alarm over Missing ₦250bn Reported By Auditor Gemeral

The House of Representatives Public Accounts Committee (PAC) has raised the alarm over the disappearance of more than ₦250 billion from Nigeria’s public coffers, following disturbing findings in recent audit reports by the Auditor-General of the Federation.

Chairman of the PAC, Hon. Bamidele Salam, described the situation as a national red flag, citing growing evidence of unauthorized virements, financial mismanagement, and widespread non-compliance with public finance regulations across various Ministries, Departments, and Agencies (MDAs).

“We are dealing with over ₦250 billion that cannot be accounted for. Funds were either diverted without approval, misused, or simply vanished from the books. This is unacceptable and must be addressed urgently,” Salam stated during a press briefing at the National Assembly.

The 2021 audit report the most recent submitted to the National Assembly reveals systemic financial irregularities, including persistent failure by over 60% of MDAs to comply with basic fiscal guidelines. Many agencies also reportedly failed to respond to audit queries, fueling concerns about institutional impunity and weak internal controls.

Salam noted that delays in audit submissions have further hampered accountability, as many implicated officials may have retired or moved on before their actions come under scrutiny.

“This delay in audit reporting makes it difficult to sanction offenders. It emboldens recklessness and weakens our democracy,” he said.

Financial experts warn that unchecked leakages of this scale threaten Nigeria’s development aspirations. With the country facing revenue shortfalls and urgent infrastructure needs, the PAC insists that every naira lost to mismanagement represents a blow to public welfare.

The committee is now pushing for stronger enforcement of audit laws, including legislative reforms that would mandate timely submission of audit reports and stricter penalties for financial infractions.

“Audit is not a bureaucratic formality it is democracy’s watchdog. When it fails, trust collapses,” Salam warned.

The PAC pledged to deepen its oversight functions and hold errant MDAs accountable as part of broader efforts to restore fiscal discipline and rebuild public confidence in governance.