House Committee Questions DMO, TCN Over N54.57tn Debt

The House of Representatives Public Accounts Committee has summoned officials from the Debt Management Office (DMO) and the Transmission Company of Nigeria (TCN) to explain alleged financial irregularities related to government borrowing and outstanding debts. The hearings are scheduled for Monday and Tuesday, focusing on the DMO's alleged excess borrowing of N54.57tn from 2020 to 2024 and TCN's failure to recover N446.70bn owed to the Federal Government.

The committee, chaired by Bamidele Salam, aims to enhance accountability in government institutions. An invitation dated September 29, 2026, requires both agencies to submit relevant documents 72 hours before their appearances.

The DMO is specifically under scrutiny for reportedly contracting domestic and foreign loans totaling N88.67tn, while the approved budget for debt financing during the same period was only N34.89tn, resulting in a discrepancy of approximately N53.78tn. The committee will seek details on the loans and the compliance with borrowing estimates.