The Public Accounts Committee of the Home of Representatives, on Tuesday, issued a 21-day ultimatum to the Securities and Alternate Fee and the Fiscal Duty Fee to elucidate the whereabouts of the N45 billion unremitted working surplus recorded from 2007 to 2021.
The committee Chairman, Bamidele Salam (PDP, Osun State), issued the ultimatum in Abuja, in the course of the committee’s public listening to on leakages of income accruals to the Federal Authorities.
The FRC dragged the SEC earlier than the committee for not responding to its report issued in 2022, the place N45bn computed legal responsibility of unremitted funds was recorded towards the change fee
“Now we have written the SEC on December 20, 2022, intimating the fee of our computed legal responsibility for the interval 2007 to 2021 and the stated legal responsibility amounted to N45,01bn solely.
“Up until now, we have now not acquired any response from them. So, so far as we’re involved, they’ve accepted the legal responsibility and that’s what we have now recorded towards the fee,” a consultant of FRC, Mr. Bello Aliyu, informed the committee.
Aliyu famous that since 2022, the SEC had not provide you with any rationalization regarding the unremitted sum.
He argued that by the legislation, the stability of any working surplus ought to be paid into the consolidated income fund of the FG inside lower than one month of the statutory deadline for publishing any company account.
The Director-Common, SEC, Lamido Yahaya, nevertheless, stated that the fee had reconciled its working surplus with the Workplace of the Accountant-Common of the Federation.
He stated, “I believe if the FRC had finished just a little extra work, they’d have seen from the OAGF all of the efforts that we have now made to reconcile the excess determine from 2007 when FRC got here into being.”
In his comment, Salam famous that by legislation, the FRC is empowered to make sure that all authorities businesses and companies listed in its enabling Act behave responsibly close to remittances and administration of their revenues.
“I don’t know why SEC is extra comfy with the Accountant-Genera’s workplace and I don’t need to insinuate something, however I need to guarantee the FRC that any further, all that may cease.
”We’re going to be sure that all businesses make the FRC the key physique of presidency that ought to guarantee compliance with the supply of the Act,” he stated.
