Reps set up panel to probe debt owed FG amid rising public debt

The House of Representatives on Thursday set-up an adhoc committee to investigate debts allegedly owed to the Federal Government by state and non-state actors, agencies and parastatals within and outside Nigeria, amid growing concerns over the country’s rising public debt burden and weak revenue recovery efforts.

The resolution followed the adoption of a motion sponsored by Salisu Majigiri Yusuf, Muktar Zakari Umar, Oluwole Oke, Esosa Iyawe, Kayode Fuad and Suleiman D. Aguye during plenary.

The House noted that Nigeria’s total public debt had risen to N153.29tn as of September 30, 2025, driven largely by increased domestic borrowing and currency depreciation.

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It noted that domestic debt accounted for more than 53% of the debt stock, while external debt made up about 47%, with debt servicing consuming 47.85% of government revenue in the first nine months of 2025.

The House said that although the Federal Government had continued to meet its debt servicing obligations, inadequate attention had been paid to debt recovery as a strategy for strengthening public revenue.

Lawmakers argued that the government was owed substantial sums both within and outside Nigeria, including judgment debts held by state and non-state actors, as well as Ministries, Departments and Agencies.

According to them, recovering the funds could help ease fiscal pressures and improve government finances at a time of mounting economic challenges.

The motion also referenced the establishment of the Presidential Initiative on Continuous Audit in 2015, which was designed to strengthen oversight of government finances and improve accountability in the management of public revenue.

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The House expressed concern that failure to recover the debts could worsen the country’s revenue challenges, while encouraging continued retention of public funds by debtors.

The adhoc ommittee is expected to report back within four weeks for further legislative action.