₦250 Billion Vanishes as Audit Reports Expose Rampant Corruption in Government Agencies

 

The Public Accounts Committee (PAC) of the House of Representatives has raised the alarm over the disappearance of a staggering  ₦250 billion in public funds, following damning revelations in the Auditor-General of the Federation’s latest reports.  

Committee Chairman Bamidele Salam disclosed this during a press briefing at the National Assembly in Abuja on Tuesday, warning that the unchecked looting threatens Nigeria’s economic stability and democratic integrity.  

Salam stated that the missing funds cut across multiple government agencies, with audit reports exposing unauthorized virements, reckless spending, and outright theft of public resources.  

He further revealed a disturbing surge in financial misconduct,  with over 60% of Ministries, Departments, and Agencies (MDAs) failing to comply with basic financial regulations a trend that has worsened over the years.  

The PAC Chairman condemned the brazen disregard for accountability, stating that such corruption undermines development, fuels poverty, and erodes citizens' trust in democracy.  

"When government agencies treat public funds like personal ATMs, the nation bleeds,"Salam declared. "If this theft continues unchecked, Nigeria risks total systemic collapse."

The committee has demanded swift prosecution of offenders and stricter enforcement of audit recommendations, vowing to name and shame complicit agencies in upcoming hearings.  

As Nigerians grapple with economic hardship, this ₦250 billion scandal raises urgent questions: Who stole the money Where did it go? And will anyone ever be held accountable?  

(Channels news)