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


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.

Thank you for reading this post, don't forget to subscribe!

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.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

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

Share post:



More like this

UK to introduce mandatory English test for migrant graduates

May 23, 2024. Azonuchechi Chukwu. Migrant graduates who go to the...

BoI Creates 2m Jobs, Disburses N496bn To MSMEs

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BoI) says...

BDC Agents Reject New CBN Licensing Guidelines

May 23, 2024. Azonuchechi Chukwu. The Central Bank of Nigeria has...

Bank of Industry Grows Profit by 118% to N153 Billion

May 23, 2024. Azonuchechi Chukwu. The Bank of Industry (BOI) said...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading