The House of Representatives Public Accounts Committee has questioned the Nigerian Railway Corporation, NRC, over alleged financial discrepancies amounting to approximately ₦12.91 billion, warning that any proven misuse of public funds will attract appropriate sanctions.

The committee raised the concerns during an investigative hearing on audit queries contained in the 2023 Auditor-General for the Federation’s report.

At the session, the committee, chaired by its Deputy Chairman, Jeremiah Umaru, examined three major audit issues involving unaccounted transfers to railway outstations, discrepancies in internally generated revenue and alleged failure to remit funds to the Consolidated Revenue Fund.

The NRC Managing Director, Dr Kayode Opeifa, represented the corporation at the hearing.

The lawmakers expressed dissatisfaction with some of the explanations and documents presented by the railway authorities, prompting the establishment of reconciliation committees to verify the transactions and determine the corporation’s actual financial position.

One of the issues involved ₦6.62 billion reportedly transferred to the corporation’s outstations, including ₦5.16 billion disbursed to various districts.

Although the NRC presented evidence of diesel purchases, the committee demanded further clarification on outstanding transactions and directed a detailed examination of the expenditure records.

The lawmakers also questioned a reported ₦2.86 billion discrepancy between revenue recorded in treasury receipt booklets and the amount reflected in the corporation’s audited accounts.

The committee rejected the explanations provided and ordered a reconciliation of the figures to establish the actual revenue position.

Another audit query concerned an alleged ₦1.71 billion shortfall in the remittance of internally generated revenue to the Consolidated Revenue Fund.

The committee requested additional financial records to determine the extent of the discrepancies and establish any outstanding liabilities.

It said the investigation would continue until all the issues were satisfactorily resolved, stressing that public institutions must account for every fund entrusted to them.

The lawmakers warned that appropriate sanctions would be imposed where financial violations or mismanagement were established.