The House of Representatives Public Accounts Committee has given the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) a 21-day ultimatum to reconcile a staggering N45 billion unremitted operating surplus from 2007 to 2021.
During a public hearing in Abuja, Rep. Bamidele Salam, the committee chairman, directed the SEC and FRC to address the issue of government revenue leakages. The FRC had previously reported that the SEC failed to respond to a 2022 report highlighting the unremitted funds totaling N45.013 billion.
Mr. Bello Aliyu, a representative of the FRC, stated that despite notifying the SEC of the liability, they received no response. The SEC had not attempted to reconcile the figures, as outlined in the report.
According to Mr. Aliyu, any surplus should be paid into the Federal Government’s consolidated revenue fund within a month of publishing the corporation’s accounts. In response, Lamido Yuguda, the Director General of the SEC, claimed that they had reconciled the surplus with the Office of the Accountant General of the Federation.
The committee chairman emphasized the FRC’s role in ensuring agencies comply with remittance and revenue management laws. He pledged to enforce compliance and prevent agencies from bypassing the FRC in favor of other government bodies.
This ultimatum highlights the importance of accountability and transparency in managing government finances. Stay tuned for updates on this developing story.
