₦airaland Forum

https://www.youtube.com/watch?v=UfiY03emrNY?si=JlJqToP8szApJiSS

₦1.15 Trillion Approved, ₦0 Disbursed — The Full Story of How Hon. Alex Mascot Exposed the Missing Capital Funds

The scene at the House of Representatives Appropriation Committee hearing on Wednesday, February 25th was tense, dramatic, and defined by one man's relentless pursuit of answers.

Hon. Alex Mascot Ikwechegh, member representing Aba North/Aba South Federal Constituency and a key member of the Aids and Loans Committee, took centre stage as he confronted the Minister of Finance, Wale Edun, over the unexplained disappearance of capital project funds—despite trillions of naira in loans and record-breaking revenues.

What began as a routine budget defence quickly escalated into a high-stakes interrogation when Hon. Ikwechegh revealed a disturbing pattern:

· ₦1.15 trillion had been raised and specifically approved by the National Assembly to fund 30% of the 2025 capital budget
· Multiple loans had been secured, including:
· $1.2 billion for digital infrastructure
· $500 million for economic stimulus
· $500 million for MSMEs (approved December 2025)
· $500 million from the African Development Bank (November 2025) for economic governance and energy transition
· A recent executive request for $21 million, 15 billion Yen, and 4 billion Euros

Yet, despite this avalanche of borrowed money and strong revenue performance by agencies like FIRS, Customs, and others, capital projects across Nigeria remain at zero disbursement.

Hon. Ikwechegh, visibly frustrated, walked the Minister through the figures with surgical precision:

"With all these funds put together... I want you to enlighten us on why the 2024 budget is yet to be fully implemented, and why the 2025 budget has only been funded 34%—most of which is recurrent expenditure."

He then delivered the question that silenced the room:

"I want you to enlighten us on why our capital projects still remain at zero. Talking about our country. This is our country. Are you not in Nigeria? Why the capital of the Nigerian government remains at zero in 2026?"

When pressed, Minister Wale Edun shifted responsibility to the Minister of State for Finance, Doris Uzoka-Anite, claiming she handled disbursements.

This deflection infuriated committee members. If the substantive Minister of Finance cannot account for ₦1.15 trillion approved for capital projects, who can?

The session became rowdy. Lawmakers shouted, demanding answers. Some called for the ministers to resign. The committee had no choice but to adjourn the hearing to Thursday, February 26th, summoning the Minister of State to provide the clarity the nation deserves.

Speaking after the heated exchange, Hon. Ikwechegh framed the issue in stark legal terms:

"If this infraction is identified, it means there has been misappropriation of funds—which is a crime."

His point is simple but devastating: funds were approved by the National Assembly. Funds were borrowed from international lenders. Funds were generated by revenue agencies. Yet those funds never reached the capital projects they were intended for.

Where did the money go?

For ordinary Nigerians, this is not abstract parliamentary procedure. It means:

· Roads in constituencies like Hon. Ikwechegh's Aba remain unmotorable
· Hospitals lack equipment despite health sector allocations
· Schools remain unbuilt while contractors go unpaid
· Jobs are not created because infrastructure projects are stalled

When capital projects are at zero, development stops. When development stops, Nigerians suffer.

Wednesday's performance cements Hon. Alex Mascot Ikwechegh's reputation as one of the House's most dogged advocates for transparency. Armed with facts, fortified by his position on the Aids and Loans Committee, and unafraid to confront powerful ministers, he demonstrated what legislative oversight should look like.

His constituents in Aba North/Aba South—a commercial hub crippled by infrastructural neglect—have found a champion willing to ask the hard questions at the highest level.

All eyes were on Thursday's resumed hearing, where Minister of State for Finance, Doris Uzoka-Anite, was summoned to account for the missing ₦1.15 trillion.

At that hearing, Uzoka-Anite confirmed that ₦1.15 trillion was indeed approved for capital projects. However, she revealed that disbursement protocols require multiple sign-offs, and that certain "pre-disbursement conditions" had not been met by some ministries.

She argued that while the funds exist, they cannot be released until:

· Project documentation is complete
· Procurement processes are finalized
· Ministries submit required feasibility reports

But committee members, armed with the Health Minister's earlier testimony that he received only ₦38 million of his ₦286 billion allocation, demanded to know: if protocols were the issue, why were some ministries given the runaround while others weren't?

In what observers described as Thursday's defining moment, Hon. Ikwechegh rose again and asked:

"Mr. Chairman, can the minister tell this committee which specific ministry met all conditions and still did not receive funding? If none existed, why was ₦1.15 trillion approved when the government knew conditions weren't met?"

The minister could not provide a single example.

The questions Hon. Ikwechegh has raised will not go away:

· If capital funds were approved, where are they?
· If they were misappropriated, who is responsible?
· If this is a crime, who will be held accountable?

Hon. Alex Mascot Ikwechegh has done what effective legislators do: followed the money, asked the tough questions, and refused to accept bureaucratic evasions.

Whether the Minister of State provided answers on Thursday—or whether Nigerians are left with more questions—one thing is clear: Hon. Ikwechegh has placed a spotlight on what may be one of the most significant financial infractions in recent National Assembly history.

And as he reminded the committee, if funds were approved but never reached their destination, that is not poor administration.

That is a crime.

When we say that Tinubu brought his fellow criminals to loot this country with reckless abandon, e go be like say na insult

Evil administration.
Bunch of looters, from head to toe.

Waiting for those that make 1500 daily to come defend their master

So una dey see APC government so?

With all these funds put together... I want you to enlighten us on why the 2024 budget is yet to be fully implemented, and why the 2025 budget has only been funded 34%—most of which is recurrent expenditure."

He then delivered the question that silenced the room:

"I want you to enlighten us on why our capital projects still remain at zero. Talking about our country. This is our country. Are you not in Nigeria? Why the capital of the Nigerian government remains at zero in 2026?"

When pressed, Minister Wale Edun shifted responsibility to the Minister of State for Finance, Doris Uzoka-Anite, claiming she handled disbursements.

Speaking after the heated exchange, Hon. Ikwechegh framed the issue in stark legal terms:

"If this infraction is identified, it means there has been misappropriation of funds—which is a crime."

They are able to carry out recurrent expenditures, where the loopholes for embezzling public funds are found. The rest somehow find their way into private purses.

We need plenty of this Ikwechegh in the states and National Assembly. The ministers never want to encounter their likes. That’s what you find when they are asked to “take a bow”, rather than properly scrutinize them when they are nominated for such positions.

A whole minister of finance, rather than tell the house freely about implementation, diverted the question to his deputy. He never expected that question. Oshiomole is of the APC, but I see him these days as one of those whose consciences worry about accountability. He wants things done properly. May God preserve such people.

We Mascot have integrity. We expose things globally

Funny country with rogues in government

All of u can see who u dey support ba?

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A Daniel have come to judgemental. But nothing will happen at the end of the day.

They have been busy looting our commonwealth and staking our future and that of our unborn children in form of debt that only enriches them.

There is a reason Nigeria for years has ranked at a certain level in transparency.

An average Nigerian is probably not aware of this money. Thank you Hon. Mascot for bringing this to the spotlight. Nigerians should please do well to follow this and make this government accountable for it. This is crime against every citizen of Nigeria and nobody should politicize this. This is one of the very many reasons we are not progressing as a country. It’s very sad.

bmd1010:
Waiting for those that make 1500 daily to come defend their master

N1,500 per day? Na you make dem millionaires? If dem dey make this per day, dem go run mad. The money go too much for their hand.

Tinubu does not mean well for this country. He keeps affirming that he brought in or bringing in the best hands (that have worked with him in the past), not knowing he's brought in the hands that have perfected crimin*lity.

Everyday the evidence is shown, the looting, siphoning, thieving, embezzling, and the agbadorians are here singing on your mandate we stand while their Messiah is here seriously wrecking the country dry.

This is really shocking to hear from this administration that removed subsidy, so that they have more fund for the economy and gund infrastructure.

SmartPolician:
When we say that Tinubu brought his fellow criminals to loot this country with reckless abandon, e go be like say na insult

How can you loot what was not disbursed? Read the article again approvals were granted but no disbursement--- the MOF needs to explain how they are funding projects across the country without disbursements.

The funds are with the omualabi conglomerate

In simple terms, what the honourable member is trying to point out is that all the loans this government has been collecting from foreign financial institutions, have been embezzled.
There is no record that any of these monies were channeled to the purposes the Tinubu government claimed they were for. The minister of finance cannot provide answers to what the money was used for because he'll end up implicating the president.

You remove subsidy, liberalise the foreign exchange market and borrow billions of dollars and yet you can only give the federal ministry of health 38 million naira out of the 236 billion it requested for in the budget. A budget you took to the national assembly and presented.

Tinubu is only doing audio, APC has no plan to make Nigeria great.

What really pains me is that after all these revelations of corruption, Nigerians would still receive Maggi and little bags of rice plus urgent 2k to vote the same Teenuboo come January.

lionshare:
How can you loot what was not disbursed? Read the article again approvals were granted but no disbursement--- the MOF needs to explain how they are funding projects across the country without disbursements.

Do you people read at all?

The government is owing most of the contractors, they have not disbursed anything to them, go and watch Umahi's own complain too...

Mascot that had been looking for an opportunity to save his face after slapping the Bolt driver. Now behaving as if he is a saint that is fighting for the common man. Africans, shaaaa.

The results of Bow and go

U mean 1, 5 trillion naira, Jesus Christ of Nazareth,na whooo

SmartPolician:
When we say that Tinubu brought his fellow criminals to loot this country with reckless abandon, e go be like say na insult

we thought Danzuki was the highest looter until Tinubu and his miscreants came on board, we now know Danzuki just collected change

Checkwell:
Mascot that had been looking for an opportunity to save his face after slapping the Bolt driver. Now behaving as if he is a saint that is fighting for the common man. Africans, shaaaa.

I am ashamed of you. This is 2026 but 2024 budget has not been fully implemented, zero kobo has been disbursed for 2025 budget despite the money being available for disbursement, but this is all you could say.? It's a big shame.

SmartPolician:
When we say that Tinubu brought his fellow criminals to loot this country with reckless abandon, e go be like say na insult

The scale at which they are robbing Nigeria's treasury is simply Satanic

Brendaniel:
Do you people read at all?

The government is owing most of the contractors, they have not disbursed anything to them, go and watch Umahi's own complain too...

If approvals didn’t lead to disbursements, the MOF should explain its inflows and outflows. Lack of disbursement doesn’t automatically mean the funds were stolen—especially at that scale. Open the books; there also seems to be some politicking between the ministers.

Dogalmighty17:
In simple terms, what the honourable member is trying to point out is that all the loans this government has been collecting from foreign financial institutions, have been embezzled.
There is no record that any of these monies were channeled to the purposes the Tinubu government claimed they were for. The minister of finance cannot provide answers to what the money was used for because he'll end up implicating the president.

the minister was given time to come back with a response. let us wait till he responds. Let's first assume the money is still intact.