The House of Representatives Public Accounts Committee (PAC) has taken a hard line against the Nigerian Railway Corporation (NRC), grilling the state‑owned operator over a ₦12.91 billion discrepancy highlighted in the Auditor‑General’s latest audit report.
During a committee hearing, NRC officials were asked to explain the source of the shortfall and to provide documentation that could clarify the accounting gaps. The audit, which was published by the Auditor‑General’s office, identified the discrepancy as a significant financial anomaly that requires immediate attention.
“The committee is concerned about the magnitude of the discrepancy and the lack of clear explanations from the NRC,” said a PAC spokesperson. “We are demanding full disclosure and a detailed plan to rectify the situation.”
In its statements, the committee warned that if the NRC fails to provide satisfactory answers, it could face sanctions, including potential restrictions on its operations or further investigations by other oversight bodies.
The scrutiny comes as part of a broader push by lawmakers to improve transparency and accountability in Nigeria’s state‑owned enterprises. The NRC, which manages the country’s rail network, has been under pressure to tighten its financial controls in recent years.
<small>Source: Punch Nigeria — read the original story there.</small>