It said the procedure appeared to be "fraudulent" as it was designed to favour institutions or members of the academia willing to do the "bidding of the leadership of the NUC."
In a resolution passed in Abuja, the House condemned the "imbalance" in accreditation of programmes.
The House asked its Committee on Education to investigate the matter and determine whether Nigerian universities met the minimum standards of accreditation.
"The House resolves to mandate the committee to determine whether or not the procedure of regulating Nigerian universities should be reviewed to enable Nigeria meet international standard of education and then curtail the capital flight arising from Nigerians patronising foreign universities", the resolution added.
A lawmaker from Lagos State, Mr. Abayomi Abdul-Kabir, who moved a motion on the subject, said over the years, there had been increasing allegations against the NUC on how it favoured particular areas while accrediting programmes.
He told the House that in many universities were programmes were accredited, there were no requisite facilities to support learning, while institutions that met the criteria were denied accreditation.
The lawmaker spoke more, "The House is disturbed that the procedure for selecting accreditation officials lacks credibility and is biased in favour of only members of the academia capable of doing the bidding of the leadership of the NUC.
"The House feels that the process of accreditation ought to provide a means of recognising some levels of performance, quality and integrity, which engenders confidence from the public and the academic community.
"The House fears that if such acts of corruption are left unchecked, the imbalance in the regulation of universities will persist and may consequently result in further decline in the quality of education."
The committee was given four weeks to conduct the investigation after lawmakers passed the motion in a majority voice vote.
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