SEC and FRC in 21-Day Ultimatum Showdown Over ₦45 Billion Unremitted Funds

The House of Representatives Public Accounts Committee has issued a 21-day ultimatum to the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to reconcile the ₦45 billion unremitted operating surplus recorded from 2007 to 2021.

Chairman of the committee, Rep. Bamidele Salam, emphasized the need for compliance with the Fiscal Responsibility Act, which mandates government agencies to remit their operating surpluses to the Consolidated Revenue Fund of the Federal Government.

The committee’s directive came after the FRC reported that the SEC had not responded to its 2022 report, which highlighted a ₦45.013 billion computed liability of unremitted funds.

Bello Aliyu, representing the FRC, stated that the SEC had not made any attempt to reconcile the figure as of the current date.

In response, Lamido Yuguda, the Director General of the SEC, claimed that the commission had reconciled its operating surplus with the Office of the Accountant General of the Federation (OAGF).

However, the committee emphasized the FRC’s role in ensuring compliance and responsible management of government revenues.

The Fiscal Responsibility Act mandates agencies to remit their operating surpluses to the Consolidated Revenue Fund within one month of the statutory deadline for publishing their corporation accounts.

The committee’s directive aims to address this issue and ensure that all government agencies comply with the provisions of the Act.

The SEC and FRC have been given a 21-day window to reconcile the unremitted funds.

The House of Representatives Public Accounts Committee has also pledged to ensure that the FRC is the primary body responsible for enforcing compliance with the Fiscal Responsibility Act.

As the deadline approaches, all eyes will be on the SEC and FRC to see if they can resolve the discrepancies in the reported operating surplus figures and adhere to the provisions of the Act.

This development underscores the importance of transparency and accountability in managing public funds and the role of regulatory bodies in ensuring compliance.