The House of Representatives Public Accounts Committee has summoned the Minister of Finance, Taiwo Oyedele, and the Accountant-General of the Federation, Shamseldeen Ogunjimi, over an outstanding debt of ₦75 billion owed to the Universal Basic Education Commission (UBEC).
The officials were directed to appear before the committee on Thursday to explain the circumstances surrounding the debt and provide a clear timeline for repayment.
The summons followed concerns raised by lawmakers over the deduction and borrowing of funds belonging to government agencies without clear guidelines, prior notification or mutually agreed repayment arrangements.
Members of the committee insisted that all inter-agency borrowings, including financial transactions between government institutions, must be governed by clearly defined terms and repayment conditions.
The lawmakers said agencies that borrow public funds must provide specific repayment dates and assurances that the financial operations of affected institutions would not be disrupted.
Jeremiah Umaru, the committee’s deputy chairman, expressed concern about the implications of the outstanding funds for basic education, noting the importance of UBEC’s interventions to national development.
The committee also criticised reports that some government agencies had up to 50 per cent of their revenues deducted monthly or quarterly without clearly established regulatory frameworks.
According to the lawmakers, such deductions could leave affected agencies struggling to pay salaries and meet essential operational expenses.
They stressed the need for transparency and accountability in managing public funds, warning that financial arrangements between government institutions should not undermine the statutory responsibilities of the agencies involved.
The committee is expected to seek explanations from the finance minister and the accountant-general and obtain a repayment plan for the outstanding UBEC funds.
