By Lawrence Ibe
On February 25th 2026, Hon. Alex Mascot Ikwechegh, member representing Aba North/Aba South Federal Constituency and a key member of the Aids and Loans Committee 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: Hon. Ikwechegh revealed that N1.15 trillion had been raised and specifically approved by the National Assembly to fund 30% of the 2025 capital budget
Hon. Ikwechegh went further to detail that 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, and a recent executive request for $21 million, 15 billion Yen, and 4 billion Euros
Hon. Ikwechegh queried why 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, who was visibly frustrated, walked the Minister through the figures with surgical precision: he said to the minister, 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?
Hon. Ikwechegh asked the minister to further enlighten us on why our capital projects still remain at zero? 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 who asked; If the substantive Minister of Finance cannot account for ₦1.15 trillion approved for capital projects, who can?
Lawmakers shouted at the committee sitting, 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.
After the committee meeting, Hon. Ikwechegh spoke to the press and said, “When capital projects funding are at zero, development stops. When development stops, Nigerians suffer”. On Thursday’s resumed hearing, where Minister of State for Finance, Doris Uzoka-Anite, was summoned to account for the missing ₦1.15 trillion, 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. 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?
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. Hon. Ikwechegh then said:
· 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 reminded the committee, if funds were approved but never reached their destination, that is not poor administration. That is a crime.
On February 27th 2026, Hon. Ikwechegh was invited to Aso Rock by President Tinubu for a close door meeting. After the meeting with the president, Hon. Ikwechegh announced his resignation from his party APGA, announcing his intention to join the APC.
This is a classic move by Tinubu who always buys off his critics and sadly, Hon. Alex Mascot Ikwechegh has become his latest victim.Hon. Alex Mascot Ikwechegh will soon begin to sing “on your mandate” and he will never never demand for accountability. It will be; see no evil, speak no evil.
Our prayers are with Hon. Alex Mascot Ikwechegh.
