….PAC Demands Firm Repayment Timeline, Strict Terms for Borrowings from Basic Education Funds
The House of Representatives Public Accounts Committee (PAC) has summoned the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele alongside the Accountant-General of the Federation, Dr Shamseldeen Babatunde Ogunjimi to appear before it on Thursday, October 22, 2026, to provide a definite timeline for the repayment of outstanding funds borrowed from the Universal Basic Education Commission (UBEC).
The resolution followed the hearing by the committee in Abuja on Friday presided over by the Deputy Chairman, Representative Jeremiah Umaru, during which concerns were raised over the deduction and borrowing of funds belonging to critical government agencies without clear guidelines, prior notification or agreed repayment terms.
The Committee maintained that the practice of arbitrary deductions from agency funds must end, insisting that all inter-agency borrowings, including government-to-government financial arrangements, must be governed by clearly defined terms and conditions.
“For each borrowing, there should be terms and conditions attached. We want to know what your plan is. You borrowed money for certain reasons, but you should be willing to return it within a specific period, even without interest, since it is government-to-government,” the Committee stated.
It stressed that the borrowing agencies must provide clear repayment dates and assurances that the financial operations of affected institutions would not be undermined.
Rep Umaru expressed concern over the implications of the outstanding funds for basic education, describing UBEC’s interventions as critical to national development. He noted that disruptions to the Commission’s activities would affect states and federal constituencies across the country, given the importance of its programmes to the delivery of basic education.
Members of the Committee also expressed dissatisfaction with the reported practice of deducting as much as 50 per cent of the revenues of some government agencies on a monthly and quarterly basis without clearly established regulatory frameworks. They warned that such deductions could cripple the affected institutions, leaving them unable to meet personnel costs and other essential operational obligations.
“The agencies cannot do anything now because of those deductions. They use these monies to pay staff and fund their operations, but they can no longer do so because the funds have been taken without prior notification,” Committee members observed.
Responding on behalf of the Accountant-General of the Federation, Mr Ezeoke Gregory Christopher, a Deputy Director in the office, acknowledged the borrowings, describing them as internal arrangements designed to bridge funding shortfalls and meet statutory obligations, including personnel costs reportedly running into over ₦1 trillion monthly.
The AG office disclosed that efforts had been made to refund as much as ₦90 billion, while more than ₦70 billion remained outstanding.
However, the explanations provided by the Permanent Secretary in the Ministry of Finance, Mr Muhammed Sanusi Danjuma, and the Accountant-General’s representative were considered insufficient by the Committee, which insisted that the Finance Minister and the Accountant-General must appear personally to provide binding commitments on repayment.
“The main issue we are looking at is ₦75 billion. We need the Accountant-General to appear in person, and we want the Honourable Minister to appear in person too so that we can get a timeline. We want to agree on when this money will be paid so that we can close this matter once and for all,” Rep Umaru stated.
In a related development, the Executive Secretary of UBEC, Olajumon Rasay Akinyemi, informed the Committee that more than 20 states accessed their matching grants in 2025, while over 13 states had accessed theirs in 2026.
He identified Imo, Ogun, Anambra, Lagos, Kwara and Katsina among the states with outstanding issues relating to counterpart funding, while noting that many states were now taking steps towards compliance.
Akinyemi further disclosed that the Universal Basic Education Act was before the National Assembly for amendment to empower UBEC to redeploy funds left unaccessed by states after two years, a measure intended to improve the utilisation of available resources for basic education.
At the end of the hearing, the Committee resolved that the Minister of Finance, the Accountant-General of the Federation and the Executive Secretary of UBEC must appear in person on Thursday, October 22, to facilitate a definitive resolution of the matter.
The Committee reaffirmed its commitment to strengthening public financial accountability, enforcing responsible management of government resources and protecting funds earmarked for the education and welfare of Nigerian children.
