Monday, May 20, 2024

Reps issue 21-day ultimatum to SEC, FRC over N45 billion unremitted funds

“The FRC dragged SEC before the committee for not responding to its report issued in 2022.’’

• April 16, 2024
Securities and Exchange Commission (SEC)
Securities and Exchange Commission (SEC)

The House of Representatives Public Accounts Committee has issued a 21-day ultimatum to the Securities and Exchange Commission and Fiscal Responsibility Commission to reconcile the N45 billion unremitted operating surplus recorded from 2007 to 2021.

Chairman of the committee, Bamidele Salam, gave the directive on Tuesday in Abuja, during the committee’s public hearing on leakages of government revenue.

The FRC dragged SEC before the committee for not responding to its report issued in 2022, where N45.013 computed liability of unremitted funds was recorded against the SEC.

“We have written SEC on December 20, 2022 intimating the commission of our computed liability for the period 2007 to 2021 and the said liability amounted to N45,013,010,229 only.

“Up till now, we have not received any response from them, so as far as we are concerned, they have accepted the liability and that is what we have recorded against the commission,” Bello Aliyu, a representative of FRC, told the committee.

He added that between the period and now, the SEC had not made any attempt to reconcile the figure as contained in the report.

Mr Aliyu said by law, the balance of any operating surplus should be paid into the consolidated revenue fund of the Federal Government in less than one month of the statutory deadline of publishing any corporation account.

Director General, SEC, Lamido Yuguda, while reacting to the allegation, however, said that the commission had reconciled its operating surplus with the Office of the Accountant General of the Federation.

“I think if the FRC had actually done a little more work, they would have really seen from the OAGF all the efforts that we have made to reconcile the surplus figure from 2007 when FRC came into being,” Mr Yuguda told the committee.

In his comment, the committee chairman said the FRC was empowered by law to ensure that all agencies and government corporations listed in its enabling Act behave responsibly with regards to remittances and management of their revenues.

“I don’t know why the SEC is more comfortable with the Accountant General office and I don’t want to insinuate anything, but I want to assure the FRC that from now on, all that will stop. We are going to ensure that all agencies make the FRC the major body of government that should ensure compliance with the provision of the act,” Mr Salam said.


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