N250bn Missing Funds: Reps Committee raises alarm over government financial mismanagement 

The Public Accounts Committee of the House of Representatives has raised concerns over the disappearance of over N250 billion in public funds, as uncovered by reports from the Auditor-General of the Federation.

 

The Chairman of the committee, Bamidele Salam, made this known while briefing journalists at the National Assembly in Abuja on Tuesday, reports Channels TV.

 

Salam said the audit reports revealed that the staggering sum remains unaccounted for across several government entities.

 

He also highlighted a disturbing trend of increasing financial irregularities in public institutions.

 

According to him, the Auditor-General’s reports point to a high incidence of unauthorised virements and a growing number of audit queries issued each fiscal year.

 

He further disclosed that more than 60 percent of Ministries, Departments, and Agencies (MDAs) have consistently failed to comply with financial regulations. He warned that such persistent disregard for due

 

process continues to erode public trust, undermine sustainable national development, and weaken the country’s democratic institutions.