The Public Accounts Committee of the House of Representatives, on Tuesday, issued a 21-day ultimatum to the Securities and Exchange Commission and the Fiscal Responsibility Commission to explain the whereabouts of the N45 billion unremitted operating surplus recorded from 2007 to 2021.
The committee Chairman, Bamidele Salam (PDP, Osun State), issued the ultimatum in Abuja, during the committee’s public hearing on leakages of revenue accruals to the Federal Government.
The FRC dragged the SEC before the committee for not responding to its report issued in 2022, where N45bn computed liability of unremitted funds was recorded against the exchange commission.
A representative of FRC, Mr. Bello Aliyu, told the committee that since 2022, the SEC had not come up with any explanation concerning the unremitted sum.
He argued that by the law, the balance of any operating surplus should be paid into the consolidated revenue fund of the FG within less than one month of the statutory deadline for publishing any corporation account.
The Director-General, SEC, Lamido Yahaya, however, said that the commission had reconciled its operating surplus with the Office of the Accountant-General of the Federation.
He said, if the FRC had done a little more work, they would have seen from the OAGF all the efforts that have been made to reconcile the surplus figure from 2007 when FRC came into being.
In his remark, the committee Chairman, noted that by law, the FRC is empowered to ensure that all government agencies and corporations listed in its enabling Act behave responsibly with regards to remittances and management of their revenues