House Committee Gives SEC and FRC 21 Days to Reconcile N45 Billion Unremitted Surplus

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

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During the committee’s public hearing on government revenue leakages in Abuja on Tuesday, Rep. Bamidele Salam, the committee chairman, directed SEC and FRC to reconcile the outstanding amount within the stipulated timeframe.

The FRC had presented a report indicating that SEC owed a computed liability of N45.013 billion for unremitted funds from 2007 to 2021. Mr. Bello Aliyu, representing FRC, informed the committee that despite issuing a report to SEC in 2022, there was no response or effort from SEC to reconcile the figure.

According to Aliyu, SEC had not made any attempt to reconcile the reported liability within the stated period.

In response, Mr. Lamido Yuguda, the Director General of SEC, explained that the commission had already reconciled its operating surplus with the Office of the Accountant General of the Federation (OAGF).

Committee chairman Rep. Bamidele Salam emphasized the FRC’s mandate to ensure responsible behavior in revenue management and remittances by government agencies and corporations.

He assured that going forward, FRC would play a central role in enforcing compliance with statutory provisions among government agencies.

“We are going to ensure that all agencies make FRC the major body of government that should ensure compliance with the provisions of the act,” Salam said.

The committee has given SEC and FRC 21 days to reconcile the outstanding unremitted surplus.


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Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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