House Committee gives SEC,FRC 21 Days to resolve N45billion Unremitted Surplus Dispute

The House of Representatives Public Accounts Committee has urged the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to reconcile the alleged non- remittance of N45billion to the Consolidated Revenue Fund within 21days.

At the public hearing on government revenue Leakages held in Abuja, Chairman of the Committee, Hon.Bamidele Salam mandated both Commissions to reconcile their differences.

It would be recalled that the FRC alleged that SEC did not respond to its 2022 report which pinpointed an Unremitted operating surplus of N45billion from 2007 to 2021.
But SEC Director General Yuguda Lamido averred that the commission had reconciled its operating surplus with the office of the Accountant General of the Federation.

According to him, SEC had already reconciled surplus figures since 2007 and provided evidence of past remittances to back up its position.

A review of the documents submitted by SEC ,he emphasized, indicated that payments were made as confirmed by the Office of the Accountant General of the Federation.
Specifically he said, “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, “

Consequently, the report commended the management under Lamido for transforming the commission’s financial status from deficit to surplus through reforms and strategic policies.

Sequel to a thorough defense from both Commissions, the committee directed SEC and FRC to reconcile their differences within 21 days and revert for a final resolution of the matter.

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 reveals that they have actually made all submissions and payments and this 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.