The House of Representatives has summoned the Minister of Finance, Taiwo Oyedele, and the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, over ₦75 billion reportedly borrowed from the Universal Basic Education Commission (UBEC).
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The two officials are expected to appear before the House Public Accounts Committee on Thursday, October 22, to explain how the funds will be repaid.
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The decision was reached at 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, maintained that public funds allocated to one agency should not be diverted for other purposes without clearly defined terms and conditions.
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Umaru said the committee wanted a firm repayment plan rather than explanations from representatives of the affected agencies.
He noted that every borrowing arrangement should specify the conditions and timeframe for repayment, adding that government-to-government loans could be repaid without interest but should still have an agreed deadline.
The committee stressed that the Accountant-General and the finance minister must attend the hearing in person to provide a clear repayment timeline for the ₦75 billion.
Lawmakers said an agreement on when the money would be returned was necessary to resolve the matter.
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