Parliamentary Fury: Reps Demand Answers on Shocking N75bn UBEC Debt

The House of Representatives Public Accounts Committee has summoned key financial officials, including the Minister of Finance, Taiwo Oyedele, and the Accountant-General of the Federation (AGF), Shamseldeen Ogunjimi. They are required to appear before the committee on Thursday to address a significant outstanding debt of N75 billion owed to the Universal Basic Education Commission (UBEC).

Deputy Chairman Jeremiah Umaru voiced the committee's grave concerns regarding the adverse impact of these overdue funds on basic education, highlighting UBEC's crucial role in supporting the sector. The committee is seeking a clear timeline for the repayment of this substantial debt, emphasizing the need for accountability and transparency in government financial dealings.

Beyond the UBEC debt, lawmakers also scrutinized the practice of deducting up to 50 percent of the revenue of some government agencies on a monthly or quarterly basis. They asserted that such deductions are being made without clear regulatory guidelines, prior notification, or agreed-upon repayment terms. The committee firmly stated that funds belonging to government agencies should not be borrowed or deducted without explicit terms and conditions.

The lawmakers warned that these unapproved deductions could severely cripple affected agencies, potentially rendering them unable to meet essential operating costs and pay staff salaries. They stressed that agencies rely on these funds for their daily operations and personnel costs, which are now being jeopardized by the unnotified fund removals. The committee insisted that for every borrowing, explicit terms and conditions must be attached, including a specific repayment period, even if interest-free, given the inter-governmental nature of the transactions.

In response, Ezeoke Christopher, a deputy director in the accountant-general’s office, acknowledged the borrowings. He described them as internal arrangements implemented to address funding shortfalls and meet various statutory obligations, including personnel costs. Christopher further stated that efforts had been made to refund a substantial amount, reportedly N90 billion.

Despite this explanation, the committee remained steadfast in its position, emphasizing the critical importance of clear repayment dates and terms for all inter-agency borrowings. This strict stance aims to prevent such financial arrangements from disrupting the vital operations and financial stability of affected institutions across the government.