The House of Representatives has begun a sweeping investigation into how over nine years’ worth of bailout funds, take-off grants, and intervention funds were used by federal agencies and institutions.
The probe, initiated by Minority Leader Kingsley Chinda, aims to uncover alleged misuse of billions of naira disbursed to Ministries, Departments, Agencies (MDAs), and Government-Owned Enterprises since 2015. Speaker Tajudeen Abbas said the investigation is not a witch-hunt but a push for transparency. “Despite huge allocations, most agencies can’t account for the funds.
This is unacceptable,” Abbas said. The Special Committee, led by Rep. Chinedu Martins, has summoned top officials, including from the CBN and Office of the Accountant General.
The CBN requested more time, while the Accountant General’s office has two weeks to provide full disbursement records. The EFCC also asked for a formal breakdown to assist investigations.
Abbas warned that poor fund management undermines the economy and democracy, vowing that findings will be made public.
