The resolution emanated from a motion moved by Ibrahim Ebbo in Abuja on Thursday and unanimously adopted without debate.
The House consequently mandated its Committees on Education and Finance to do the investigation and submit the report within four weeks.
Mr. Ebbo said in spite of the huge sum of money generated by the board yearly, there was no record as to how the money was spent.
He added that although JAMB generated revenue yearly, the Federal Government continued to allocate funds to it to conduct examinations for candidates going into tertiary institutions.
Mr. Ebbo held that the increase in examination fees by JAMB was not alarming but arbitrary, adding that people would not be able to register for its examinations if the trend was not checked.
The legislator said that the check became necessary because there had been increase in the number of candidates registering for the examinations in many parts of the country.
He added that JAMB also made money from extra fees paid by candidates to make inquiries.
“Candidates are made to pay extra fees at JAMB office for change of courses, inquiries on incomplete results, checking of results and other enquiries that may arise from taking the examinations”, he said.
He further noted that JAMB had generated billions of naira from arbitrary increases in charges for examination forms.
Leo Ogor (PDP-Delta), who supported the motion, said it was only when the National Assembly appropriated money that agencies of government could spend what they generated internally.