The House of Representatives has summoned the Minister of Finance, Taiwo Oyedele, and the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, over N75 billion reportedly borrowed from the Universal Basic Education Commission (UBEC).
The two officials are expected to appear before the House Public Accounts Committee on Thursday, October 22, to explain how and when the funds will be repaid.
The decision followed a hearing in Abuja on Friday, where lawmakers raised concerns about the withdrawal of funds belonging to government agencies to meet other obligations without clear repayment arrangements.
The committee, chaired by its Deputy Chairman, Jeremiah Umaru, questioned the practice of using funds allocated to one government agency for other purposes without clearly defined terms and conditions.
Umaru said the committee wanted the officials to provide a definite repayment timeline rather than rely on explanations from their representatives.
He stressed that every borrowing arrangement involving public funds should have clear conditions, including a specified period for repayment.
“For each borrowing, there should be terms and conditions attached. We want to know what your plan is,” Umaru said.
He added that the fact that the transaction involved government institutions should not remove the need for accountability and a clear repayment commitment.
The committee chairman said the presence of both officials was necessary to establish when the N75 billion would be returned and enable lawmakers to conclude their review of the matter.
“You borrowed money for certain reasons, but you should be willing to return it within a specific period, even without interest, since it is government-to-government,” he said.
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Umaru maintained that the committee’s immediate concern was securing an agreed repayment date for the funds reportedly taken from UBEC.
“The main issue we are looking at is N75bn. We need the Accountant-General to appear in person, and we want the Honourable Minister to appear in person too so that we can get a timeline,” he said.
He added that the committee wanted an agreement on when the money would be repaid so the matter could be brought to a close.
The summoned officials are expected to clarify the circumstances surrounding the borrowing and provide details of the proposed refund. The committee’s position is that public funds must be accounted for and repayment obligations clearly established.
