By Seun Ibiyemi
The House of Representatives on Thursday constituted an ad hoc committee to investigate debts allegedly owed to the Federal Government by state and non-state actors, agencies and parastatals within and outside Nigeria, amid growing concerns over the country’s rising public debt profile and weak revenue recovery efforts.
The resolution followed the adoption of a motion sponsored by lawmakers Salisu Majigiri Yusuf, Muktar Zakari Umar, Oluwole Oke, Esosa Iyawe, Kayode Fuad and Suleiman D. Aguye during plenary.
The House noted that Nigeria’s total public debt had risen to N153.29 trillion as of September 30, 2025, largely driven by increased domestic borrowing and the depreciation of the naira.
According to the lawmakers, domestic debt accounted for over 53 per cent of the total debt stock, while external debt made up about 47 per cent.
They further observed that debt servicing consumed 47.85 per cent of government revenue in the first nine months of 2025.
The lawmakers stated that although the Federal Government had continued to meet its debt servicing obligations, insufficient attention had been given to debt recovery as a strategy for boosting public revenue.
They argued that huge sums remained owed to the government both within and outside Nigeria, including judgment debts involving state and non-state actors, as well as Ministries, Departments and Agencies.
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According to the House, recovering the outstanding debts could help reduce fiscal pressure on the government and improve public finances at a time of increasing economic difficulties.
The motion also referenced the establishment of the Presidential Initiative on Continuous Audit in 2015, which was created to strengthen oversight of government finances and enhance accountability in the management of public funds.
The House expressed concern that continued failure to recover the debts could further worsen the country’s revenue challenges and encourage the continued retention of public funds by debtors.
The ad hoc committee is expected to report back to the House within four weeks for further legislative action.
