House Committee Mediates Dispute Between SEC and FRC Over Alleged Non-Remittance of N45 Billion
By Patience Ikpeme
The House of Representatives Public Accounts Committee has intervened in a contentious issue between the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) regarding the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.
Chairman of the Committee, Bamidele Salam, directed the SEC and FRC to resolve their differences amicably during a public hearing held on Monday in Abuja, focused on government revenue leakages.
The FRC had accused the SEC of not responding to its 2022 report, which highlighted an unremitted operating surplus of N45 billion recorded against the Commission from 2007 to 2021.
In response, SEC’s Director General, Lamido Yuguda, defended the Commission’s position, stating that they had reconciled their operating surplus with the Office of the Accountant General of the Federation (OAGF). He emphasized that the SEC had submitted evidence of remittances and was prepared to provide further documentation to the Committee.
Upon reviewing the documents submitted by the SEC, the Committee found that the Commission had made all necessary submissions and payments. The Office of the Accountant General also confirmed regular reconciliation exercises with the SEC.
The Committee acknowledged the positive transformation of SEC’s financial position under Lamido Yuguda’s leadership, noting a shift from deficit to surplus due to market policies and reforms.
After deliberations, the Committee instructed the SEC and FRC to reconcile their differences within 21 days and report back for a final resolution on the matter.
This intervention by the House Committee underscores the importance of transparency and accountability in government financial operations, seeking to ensure that all agencies adhere to fiscal responsibility guidelines for the benefit of the Consolidated Revenue Fund
