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Revenue Leakage: Nigerian Lawmakers Instruct SEC and FRC to Resolve N45billion Unremitted Surplus Dispute

By Newsshelve Correspondent.

Revenue Leakage: Nigerian Lawmakers Instruct SEC and FRC to Resolve N45 billion Unremitted Surplus Dispute

The House of Representatives Public Accounts Committee has given the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) an opportunity to settle the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund amicably.

During a public hearing on government revenue leakages in Abuja, Committee Chairman Bamidele Salam directed the two commissions to reconcile their differences.

The FRC had claimed that SEC did not respond to its 2022 report, which highlighted an unremitted operating surplus of N45 billion from 2007 to 2021.

In response, SEC Director General Lamido Yuguda stated that the Commission had reconciled its operating surplus with the Office of the Accountant General of the Federation.

He emphasized that the SEC had made efforts to reconcile surplus figures since 2007 and provided evidence of past remittances to support its position.

A review of documents submitted by the SEC revealed that all required submissions and payments had been made, as confirmed by the Office of the Accountant General of the Federation.

The report commended the management under Lamido for transforming the Commission’s financial status from deficit to surplus through market reforms and policies.

Following a thorough defense from both parties, the Committee instructed SEC and FRC to reconcile their differences within 21 days and report back for a final resolution on the matter.

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