House of Representatives, yesterday, disclosed how commercial banks, Ministries, Departments and Agencies (MDAs) owe the Federal Government N1.2 trillion.

Against this backdrop, the lawmakers began investigation into the issue, with the aim of recovering the funds and boosting the nation’s treasury.

The Speaker, Femi Gbajabiamila, also constituted an adhoc committee to look into the matter. At the public hearing, chairman of the committee, Idem Uyidem, disclosed that Citibank alone owes the Federal Government N99 billion, noting that most of the accounts where the money is stashed have no Bank Verification Number (BVN).

The committee also sought to know the owner of two (dollar) accounts with over $626 million, one of which was later found to belong to Titan Energy.

An executive director with Citibank, Ngozi Nwoke, who appeared before the lawmakers, admitted that only seven accounts have no BVN, contrary to documents earlier tendered before the committee, which indicated a higher number. She also refused to disclose the names of the account owners.

The lawmakers, thereafter, threatened to order the arrest of the bank executive, who had been on oath before her submission.

This forced the chairman to halt the session to enable her reconcile her figures, prior to another hearing on Wednesday.

MEANWHILE, Senate, yesterday, set up an adhoc committee to carry out a full-scale investigation into hike in tariffs by pay-tv providers.

The seven-man committee, put in place by Senate President Ahmad Lawan, was also mandated to invite the providers to explain reasons for the development.

The lawmakers further directed all the pay-tv firms to immediately review their bouquet prices to reflect realities of the country’s economic situation. They resolved to organise a public hearing where stakeholders can ventilate their positions on the issue.