The House of Representatives has ordered a thorough review of all loans taken by the federal and state governments since 1999, totaling over N121.67 trillion.
This decision came after a motion by Hon. Lanre Okunola, who highlighted data from the Debt Management Office (DMO) showing that Nigeria’s debt rose significantly from N97.34 trillion in December 2023 to N121.67 trillion by March 2024.
Hon. Lanre expressed concerns about poor oversight and a lack of transparency in managing borrowed funds. He noted instances where loans were not used for their intended purposes and that some state government loans were obtained without proper approval from the National Assembly, violating constitutional requirements.
The House stressed the need for better oversight to ensure loans are properly utilized to improve public services and safeguard Nigeria’s economic future.
