The Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) have been given a 21-day ultimatum by the House of Representatives Public Accounts Committee to reconcile unremitted operating surplus totaling ₦45 billion from 2007 to 2021.

Reps committee give SEC 21 days to reconcile ₦45 billion unremitted funds

Committee Directive and Background

Chairman of the committee, Rep. Bamidele Salam, delivered this directive during a public hearing in Abuja regarding government revenue leakages. The FRC had brought the issue to light, stating that the SEC had not responded to their 2022 report, which highlighted the ₦45.013 billion liability of unremitted funds.

Lack of Response and Accountability

Representing the FRC, Bello Aliyu expressed frustration over the SEC’s lack of response since December 20, 2022. He emphasized that the SEC’s silence indicated acceptance of the liability. Furthermore, Aliyu noted that no effort had been made by the SEC to reconcile the figures in the report.

Legal Obligations and Accountability

Aliyu emphasized that by law, any surplus should be paid into the Federal Government’s consolidated revenue fund within a month of the statutory deadline. Lamido Yuguda, SEC’s Director General, countered the allegations, stating that the commission had reconciled its surplus with the Office of the Accountant General of the Federation (OAGF).

Committee’s Assurance and Future Compliance

Committee Chairman Salam assured the FRC of their commitment to ensuring compliance with the law. He questioned why the SEC preferred dealing with the Accountant General’s office over the FRC. Salam pledged to enforce compliance with the FRC as the primary body responsible for overseeing adherence to the Act’s provisions.

By providing a detailed breakdown and explanation, we gain a clearer understanding of the issue and the steps being taken to address it.

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