The House of Representatives on Thursday, May 7, 2026, constituted an ad hoc committee to investigate debts owed to the Federal Government by state actors, private organisations, and Ministries, Departments and Agencies as lawmakers intensified efforts to boost revenue amid growing fiscal pressure.
The committee, chaired by Oluwole Oke, representing Obokun/Oriade Federal Constituency of Osun State, was set up following the adoption of a motion sponsored by Salisu Yusuf and five other lawmakers during plenary.
The panel was mandated to identify debtors, assess recovery efforts by relevant agencies, and recommend measures for the recovery of outstanding public funds.
Leading debate on the motion, Yusuf warned that Nigeria’s worsening debt profile and shrinking revenue base were increasing pressure on public finances.
He disclosed that Nigeria’s total public debt rose to N153.29tn as of September 30, 2025, driven by increased domestic borrowed and currency depreciation.
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According to him, domestic debt accounts for over 53 percent of the total debt stock, while external debt makes up about 47 percent. He added that debt servicing consumed about 47.85 percent of government revenue within the first nine months of 2025.
Yusuf said Nigeria, like many countries, relied on borrowing and fiscal interventions after the COVID-19 pandemic to stabilize the economy, but argued that successive governments had focused more on borrowing and debt servicing than recovering funds owed to the Federal Government.
He noted that large sums remain outstanding from state and non-state actors, including MDAs, contractors, and corporate organisations.
The lawmaker also referenced the Presidential Initiative on Continuous Audit established in 2015 to strengthen financial oversight and accountability in public spending.
Following adoption of the motion, the House directed the committee to conduct a comprehensive investigation and submit its report within four weeks, with a deadline of June 4, 2026.
The investigation comes amid rising concerns over Nigeria’s debt sustainability, unpaid government liabilities, and the growing share of revenue consumed by debt servicing.