… Demands repayment timeline for funds borrowed from basic education commission

By Divine Sam

The House of Representatives has summoned the Minister of Finance, Taiwo Oyedele, and the Accountant-General of the Federation, Shamseldeen Babatunde Ogunjimi, over the reported borrowing of N75 billion from the Universal Basic Education Commission (UBEC).

The two top government officials are expected to appear before the House Public Accounts Committee on Thursday, October 22, to clarify how and when the funds will be refunded.

The decision followed a hearing in Abuja on Friday, where lawmakers expressed concerns over the withdrawal of funds belonging to government agencies for other purposes without clearly defined repayment arrangements.

The committee, chaired by its Deputy Chairman, Jeremiah Umaru, maintained that public funds allocated to specific agencies should not be diverted to meet other obligations without clearly established terms and conditions.

Umaru stressed that any borrowing involving government institutions must be accompanied by a repayment plan, noting that the committee was more interested in securing a definite repayment timeline than receiving explanations from government representatives.

“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 main issue we are looking at is N75bn. 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,” the committee said.

The lawmakers’ intervention is aimed at establishing accountability over the reported N75 billion transaction and ensuring that the funds owed to UBEC are returned within an agreed period.

The committee is seeking the personal appearance of both officials to obtain clear answers on the circumstances surrounding the borrowing and secure a commitment on repayment.

The outcome of the planned meeting is expected to provide further clarification on the status of the funds and the steps being taken to settle the reported debt.