On February 25th 2026, Hon. Alex Mascot, a key member of the Aids and Loans Committee confronted Wale Edun, over the disappearance of capital project funds, despite trillions of naira in loans and record-breaking revenues.
It began as a routine budget defence but escalated into a high stakes interrogation when Hon. Mascot revealed a disturbing pattern:
– N1.15 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, $500 million from the AFDB for economic governance and energy transition, and a recent executive request for $21 million, 15 billion Yen, and 4 billion Euros.
He 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. “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 asked the minister to enlighten Nigerians on why the capital projects still remain at zero.
Minister Wale Edun shifted responsibility to the Minister of State for Finance, Doris Uzoka-Anite, claiming she handled disbursements.
The infuriated committee members then asked; “If the substantive Minister of Finance cannot account for ₦1.15 trillion approved for capital projects, who can?”
Some lawmakers called for the ministers to resign, but 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. Mascot spoke to the press and said, “When capital projects funding are at zero, development stops. When development stops, Nigerians suffer”.
On Thursday, hearing resumed, then the Minister of State for Finance, Doris Uzoka-Anite, was summoned to account for the missing ₦1.15 trillion. It was confirmed that ₦1.15 trillion was indeed approved for capital projects. However, 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
The committee members, armed with the Health Minister’s earlier testimony that he received only ₦38 million of his ₦286 billion allocation, then asked, “if protocols were the issue, why were some ministries given the runaround while others weren’t?”
Mascot 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. Mascot 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?”
Mascot stated that if funds were approved but never reached their destination, that is not poor administration. That is a crime.
On February 27th 2026, Hon. Mascot 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 again demand for accountability. It will be; see no evil, speak no evil.
All these happened while we were shouting Mirabel, Simi, VDM and Mitchy.