Authority of the Nigerian Federal Capital Territory Administration, FCTA, has commenced the auditing of payroll remittance on statutory and non-statutory deductions of the FCTA liabilities to its third party beneficiaries.
These remittances include statutory deductions such as taxes, pensions, and insurance, as well as non-statutory deductions like employee contributions to cooperative societies and various welfare programmes.
To this end, the FCTA found engaged an audit Consultants, M/S G.E. Osagie and Co, to audit the payroll of the FCTA from 2010 to 2022, to among other objectives, establish the total statutory deductions for National Housing Funds (NHF), FCT Health Insurance Scheme (FHIS), Contributory Pension Scheme (CPS), Pay as You Earn (PAYE) and other Non-Statutory deductions like Cooperative dues made.
It would also establish deductions and payments made on behalf of each FCTA staff for National Housing Fund (NHF), FCT Health Insurance Scheme (PAYE) and Cooperative deductions, all from 2010 to 2022.
Flagging off the exercise on Monday, Permanent Secretary, FCTA, Mr. Olusade Adesola, said the auditing of the payroll remittances signifies FCTA’s unwavering dedication to a robust and meticulous financial system as it allows it to validate that the amounts deducted from its employees’ salaries are promptly remitted to the rightful beneficiaries.
Adesola noted that payroll remittance plays a pivotal role in maintaining the welfare of FCTA’s esteemed workforce, who tirelessly work for the betterment of the society.
He said throughout the auditing process, the FCTA would leave no stone unturned in ensuring accuracy, fairness, and compliance with all relevant regulations and policies.
He stated that the FCTA understands the significance of timely remittances our third-party beneficiaries, as it directly impacts their operations and ability to deliver essential services to the citizens of the FCT.
He pledged to expedite the resolution of any discrepancies uncovered during the auditing process and take immediate corrective actions.
The Permanent Secretary implored all staff of Human Resources and Treasury Departments to give the consultant maximum cooperation and support in assisting them to execute their assignment.
He also called on the Consultants to cary out its assignment in compliance with the terms of engagement, scope and responsibility as stipulated in the Contract Agreement.
Speaking on behalf of the FCTA staff, the Chairman, FCTA Joint Action Committee (JUAC), Korede Matilokoro who described the initiative as a welcome development, however charged the consulting firm to be professional in the discharge of its assignment, in order to achieve the much desired objective.
Korede, who commended the FCTA leadership for commencing the process and choice of a competent firm to carry out the exercise, also pledged the support of the entire FCTA workforce of about 40,000 in number, to ensure its success.
On his part, Managing Partner/CEO, G. E. Osagie & Co. Chartered Accountants (member of Alliott Global Alliance), Godwin Osagie, said throughout the process, they would maintain open lines of communication with the FCTA, valuing its insights and inputs.
He stated that their findings would be presented in a clear, comprehensive, and actionable manner, ensuring that the administration can make informed decisions to optimise financial processes.
“With the level of cooperation we have received so far from your Team on this assignment, coupled with our level of experience and professionalism on similar engagements, we are confident to deliver on this engagement in good time’, he declared.
Confidence Okwuchi
