The House of Representative Public Accounts Committee has directed the Securities and Exchange Commission and Fiscal Responsibility Commission to reconcile the differences in the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.
The chairman of the committee, Mr Bamidele Salam, gave the charge in Abuja during the committee’s public hearing on leakages of government revenue.
The FRC had alleged that the SEC did not respond to its report issued in 2022 wherein N45b unremiited operating surplus was recorded against the Commission from 2007 to 2021.
The director general of SEC, Mr 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, “ he told the lawmakers.
The SEC team had evidences of the remittances it had made in the past as proof to back its argument of not being culpable of the allegation and it is ready to provide every document that was required of it by the Committee. The SEC report revealed.
According to the report, a review of the documents submitted by the SEC to the committee revealed that they it actually made all submissions and payments and that same was corroborated by the representative of the office of the account general of the federation who also informed the committee of the regular reconciliation exercise between it and SEC.
“Fact reveals that 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”, the report stated.
After the defence from both parties, the lawmakers unanimously told the SEC and FRC to reconcile the differences and revert to the committee after 21 days for a final resolution.
