Lawmakers Issue Automatum To Commission For Reconciliation Of Unremitted Funds

The House of Representative Public Accounts Committee has asked that the Securities and Exchange Commission, (SEC) and the Fiscal Responsibility Commission, (FRC) amicably settle the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.

The Committee unanimously told the two bodies to go and reconcile the differences then revert back to the Committee after 21 days for a final resolution on the issue. Chairman of the Committee, Bamidele Salam gave the directive during the Committee’s public hearing on leakages of government revenue.

The FRC had alleged that SEC did not respond to its report issued in 2022 where N45b unremitted operating surplus was recorded against the Commission from 2007 to 2021.

The Director General of SEC, Lamido Yuguda, while reacting to the allegation, said 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 seen from the OAGF all the efforts that we have made to reconcile the surplus figures from 2007 when FRSC came into being,” the Director General told the Committee.

The SEC Team in a report said that it has evidences of the remittances it had made in the past as proof to back its argument of not being culpable of the allegation and is ready to provide every document that was required of it by the Committee.

“The Lamido led Management has transformed the account of the Commission from deficit balance recorded over the years to operating a surplus as a result of the transformations and policies introduced into the capital market”, reports said.

According to reports, “A review of the documents submitted by the SEC to the Committee revealed that the Commission made all submissions and payments and this was corroborated by the representative of the Office of the Accountant General of the Federation who also informed the Committee of the regular reconciliation exercise between it and SEC. “

Olusola Akintonde