Reps summon Finance Minister over N75bn UBEC debt

The House of Representatives has summoned Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, and Shamseldeen Ogunjimi, the Accountant-General of the Federation, to address an outstanding N75bn debt reportedly borrowed from the Universal Basic Education Commission. The House Public Accounts Committee has directed both officials to appear on Thursday, October 22, to present a definitive repayment schedule and assurances regarding the return of the funds.

This action follows concerns about the withdrawal and borrowing of funds from government agencies without clear repayment arrangements. The committee, led by Deputy Chairman Jeremiah Umaru, emphasized that public funds should not be transferred between government institutions without established terms.

The lawmakers expressed worries that the diversion of funds could negatively impact basic education programs across the country. They also raised issues regarding the practice of deducting significant portions of government agencies' revenues without proper regulatory frameworks, which has hindered their operational capabilities.