The House of Representatives has called on the finance minister and the Accountant-General to appear before a committee over a reported N75 billion debt allegedly borrowed from the Union Bank of the Commonwealth (UBEC).
The summons follows information that the government has not yet repaid the sum, which was raised to finance various public projects.
Finance Minister and Accountant-General were asked to explain the circumstances surrounding the borrowing and to provide details of the repayment plan.
UBEC, a state‑owned bank, is said to have extended the loan to the federal government, but the terms and conditions of the deal remain unclear.
Observers say the move reflects growing concerns over Nigeria’s public debt and the need for greater transparency in government borrowing.
<small>Source: Punch Nigeria — read the original story there.</small>