The House of Representatives Public Accounts Committee has given 21 days to the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to reconcile the N45 billion unremitted operating surplus recorded from 2007 to 2021.
Chairman of the committee, Rep. Bamidele Salam, gave the directive on Tuesday in Abuja, during the committee’s public hearing on leakages of government revenue.
“I don’t know why the SEC is more comfortable with the Accountant General office and I don’t want to insinuate anything, but I want to assure the FRC that from now on, all that will stop.
The FRC dragged SEC before the committee for not responding to its report issued in 2022, where N45.013 billion computed liability of unremitted funds was recorded against the SEC.
“We have written SEC on December 20, 2022 intimating the commission of our computed liability for the period 2007 to 2021 and the said liability amounted to N45,013,010,229 only.
“Up till now, we have not received any response from them, so as far as we are concerned they have accepted the liability and that is what we have recorded against the commission,” Mr Bello Aliyu, a representative of FRC, told the committee.
The Director General, SEC, Lamido Yuguda, denied the allegation, saying the commission had reconciled its operating surplus with the Office of the Accountant General of the Federation (OAGF).
“I think if the FRC had actually done a little more work, they would have really seen from the OAGF all the efforts that we have made to reconcile the surplus figure from 2007 when FRC came into being,” Yuguda told the committee.
