In a decisive move to stabilize the nation’s fiscal health, the House of Representatives has resolved to launch a comprehensive investigation into massive debts owed to the Federal Government by both state and non-state actors, ministries, and international entities.
The resolution follows a motion of urgent public importance sponsored by a coalition of lawmakers, including Hon. Salisu Majigiri Yusuf, Hon. Muktar Zakari Umar, Hon. Oluwole Oke, Hon. Esosa Iyawe, Hon. Kayode Fuad, and Hon. Suleiman D. Aguye.
The House expressed grave concern over the latest fiscal data, noting that as of September 30, 2025, Nigeria’s total public debt has surged to a staggering ₦153.29 trillion. This spike is attributed to increased domestic borrowing and the ripple effects of currency depreciation.
Currently, the nation’s debt portfolio is split between 53% domestic and 47% external obligations. Most alarming to lawmakers is the fact that debt servicing alone swallowed 47.85% of the government’s total revenue during the first nine months of 2025.
While the lawmakers acknowledged the current administration’s “pragmatic” use of monetary policy tools—which they credited for the Naira’s stability over the past 15 months—they argued that the government has been “diligent in servicing its debt” while neglecting debt recovery.
“The Federal Government is owed huge sums of money within and outside the country, including judgment debts,” the motion stated. “These sums are held by State and Non-State Actors, as well as various Ministries, Departments, and Agencies (MDAs).”
The House noted that despite the 2015 establishment of the Presidential Initiative on Continuous Audit (PICA) to oversee finance and spending, trillions remain uncollected.
Lawmakers warned that a failure to aggressively pursue these funds would exacerbate the government’s revenue challenges and embolden debtors to retain public funds indefinitely, further crippling the economy.
The committee is tasked with investigating the specific debts owed by agencies, parastatals, and private actors both within and outside Nigeria.
The committee has been mandated to conclude its investigation and report back to the House within four weeks for further legislative action.
As the government looks for ways to bridge the deficit without further straining the taxpayer, this investigation marks a critical shift toward internal revenue mobilization and accountability.
