The House of Representatives Public Accounts Committee has intervened in a financial discrepancy involving the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC), urging both entities to reconcile an alleged non-remittance of over N45 billion to the Consolidated Revenue Fund.
During a public hearing on government revenue leakages held on Monday in Abuja, the FRC claimed that the SEC had failed to remit N45 billion in operating surplus, dating from 2007 to 2021. This allegation was part of a report issued by the FRC in 2022, which had not received a response from the SEC, according to the FRC’s claims.
In response, SEC’s Director General, Lamido Yuguda, defended the Commission’s financial practices, stating that all necessary reconciliations of operating surpluses had been conducted with the Office of the Accountant General of the Federation (OAGF). Yuguda criticized the FRC for not recognizing the efforts made by the SEC since the establishment of the FRC in 2007.
Evidence provided by the SEC at the hearing, and corroborated by a representative from the OAGF, demonstrated that the SEC had indeed made the required submissions and payments as part of regular reconciliation exercises between the two bodies.
Chairman of the Committee, Bamidele Salam, highlighted the significant financial transformation achieved under Yuguda’s management, which had reversed a historical deficit in the Commission’s accounts to a surplus through various reforms and policies in the capital market.
The Committee has given the SEC and the FRC a 21-day period to resolve their differences and report back with a resolution, aiming to settle the matter amicably and ensure governmental financial integrity is maintained.