The House of Representatives has announced a comprehensive investigation into the alleged mismanagement of ₦12 trillion in Development Finance Institutions (DFIs) funds and the abandonment of federal projects valued at over ₦20 trillion across the country.
The decision follows a motion raised during plenary on Thursday, highlighting widespread concerns over inefficiency, corruption, and poor project implementation despite massive government spending and interventions.
Lawmakers argued that many development finance programs — including those under the Bank of Industry (BOI), Bank of Agriculture (BOA), and Development Bank of Nigeria (DBN) — have failed to achieve their intended purpose of boosting industrialization, creating jobs, and improving infrastructure.
The House Committee on Public Accounts and National Planning was mandated to conduct a detailed audit, trace the funds’ utilization, and identify reasons behind the growing number of abandoned federal projects.
“It is unacceptable that despite trillions of naira disbursed through DFIs, Nigeria still grapples with unfinished projects and stunted development,” one lawmaker stated during the debate.
The committee is expected to report back within six weeks with findings and recommendations to ensure accountability, transparency, and recovery of mismanaged funds.