The lawmakers said the recovered money, estimated at $150 million, resulted from a series of "pragmatic measures" adopted to strengthen fiscal compliance, improve transparency, and enhance efficiency in public financial management.
The Public Accounts Committee (PAC) of the House of Representatives on Monday announced the recovery of over N200 billion in lost revenue for the federal government in the last year.
Chairman of the committee, Bamidele Salam, disclosed this at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), which Nigeria is hosting for the first time since the body was established in 2009.
The five-day programme, holding from 8 to 12 September at the National Assembly Complex, Abuja, is themed "Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees."
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Mr Salam described the recovery as evidence of what legislative oversight can achieve when supported by institutional reforms and proactive engagement.
He noted that the recovered sum, estimated at $150 million, resulted from a series of "pragmatic measures" adopted by the committee to strengthen fiscal compliance, improve transparency, and enhance efficiency in public financial management.
The recovery marks one of the committee's most significant achievements since the country's return to democracy in 1999.
Mr Salam explained that the committee had also completed several reports that were duly considered and adopted by the House.
He pointed out that in a rare occurrence, one of its reports was rejected by the lower chamber, the first of such a case since the restoration of democratic governance in the country.
According to him, this was not a setback but rather an affirmation of democracy in action, showing that parliamentary committees are not merely ceremonial but subject to scrutiny and debate.
Another milestone, Mr Salam said, was the passage of the long-awaited Audit Bill by the House.
According to him, the legislation, if passed by the Senate and assented to by President Bola Tinubu, will finally establish a legal framework for Nigeria's Supreme Audit Institution, which has operated for decades without one.
"We are looking forward very earnestly to the passage of the Audit Bill by the Senate, so that this important bill can be transmitted to the president for assent and remove Nigeria from the list of countries without a legal framework for its supreme audit institution," he said.
The committee, he added, has also taken steps to improve transparency and public engagement, including launching the WAAPAC Magazine, which offers citizens and development partners insights into committee activities, findings, and recommendations.
He mentioned that in July, the PAC convened Nigeria's first national conference on public engagement in oversight, bringing together parliamentarians, civil society groups, professional bodies, and technocrats to reimagine the framework for legislative scrutiny and build institutional capacity for fiscal discipline.
Mr Salam said the theme of the conference could not have come at a better time, given the mounting debt crisis across Africa.
Beyond domestic achievements, the chairman said Nigeria's PAC has strengthened cross-border cooperation with sister parliaments in Ghana, Kenya, and Rwanda, while also hosting delegations from Uganda and Zimbabwe.
These exchanges, he explained, promote peer learning and help entrench best practices across the continent.
He argued that such regional collaboration, together with platforms like WAAPAC, is essential for building sustainable public finance systems in West Africa.
"Entrenching a culture of accountability, transparency, probity, and fiscal discipline in the management of public finances is not just a national imperative but a regional and international necessity," he said.
Public debt at critical point - Speaker Tajudeen
Speaker of the House of Representatives, Abbas Tajudeen, represented by House Leader Julius Ihonvbere, reinforced the importance of oversight, describing it as both a democratic duty and a moral responsibility.
Mr Tajudeen warned that Africa's debt trajectory has reached "a critical point," with governments spending more on debt servicing than on healthcare and essential services.
He noted that by 2022, the continent's public debt had risen to $1.8 trillion, with external debt alone surpassing $1 trillion in 2023.
"Our parliament must ensure that every borrowing decision reflects prudence, transparency, and the collective interests of our citizens," Mr Tajudeen said.
The speaker announced that Nigeria is prepared to champion the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC.
The framework, he said, will harmonise debt reporting across countries, create regional standards for transparency, and empower parliaments with timely data for scrutinising borrowing practices.
Institutionalising accountability
Senate President Godswill Akpabio, represented by Osita Izunaso (APC, Imo West), stressed that Nigeria's 1999 Constitution already provides a strong foundation for parliamentary scrutiny of public finances.
Citing sections 80, 85, and 88, he said the constitution empowers the Public Accounts Committee to examine audit reports, investigate financial irregularities, and hold ministries, departments, and agencies accountable for how they spend public funds.
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"These committees embody the principle that public money must be publicly accounted for. Without them, debt management could easily drift," Mr Akpabio said.
He added that parliamentary oversight ensures that borrowing and spending align with development priorities and sustainable goals, rather than being lost to corruption or short-term consumption.
What WAAPAC represents
The West Africa Association of Public Accounts Committees (WAAPAC) was established in 2009 as a regional platform that brings together Public Accounts Committees from national parliaments across West Africa.
Its mission is to promote peer learning, strengthen financial oversight, and advance accountability in the management of public resources.
WAAPAC provides opportunities for legislators to share experiences, review each other's practices, and develop regional standards for parliamentary scrutiny of public expenditure.
Over the years, it has evolved into a vital framework for building trust among member states, fostering collaboration, and ensuring that fiscal governance across West Africa meets global standards of transparency and probity.
The Abuja conference marks the first time since WAAPAC's founding that Nigeria is hosting its annual conference and General Assembly.
