April 16, 2024

By Kelechi Mgboji InvestAdvocate

Lagos (INVESTADVOCATE)-The House of Representatives Public Accounts Committee has urged the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to resolve their differences regarding the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.

Chairman of the Committee, Bamidele Salam, issued the directive on Monday in Abuja during the Committee’s public hearing on government revenue leakages.

FRC had previously claimed that SEC did not respond to its 2022 report, which highlighted N45 billion in unremitted operating surplus from 2007 to 2021.
In response, SEC Director General Lamido Yuguda stated that the Commission had reconciled its surplus with the Office of the Accountant General of the Federation.

Yuguda emphasized the Commission’s efforts to reconcile surplus figures since 2007 and provided evidence of past remittances to refute the allegations.

SEC also affirmed its readiness to furnish all required documents to the Committee.

Reviewing documents submitted by SEC, the Committee found that all submissions and payments were made, a fact corroborated by the Office of the Accountant General of the Federation representative.

The report highlighted SEC’s transformation from deficit to surplus under Lamido’s leadership due to market policies and reforms.

Following deliberations, the Committee instructed SEC and FRC to reconcile their differences within 21 days and report back for a final resolution.