Following a public hearing on revenue leakage to the Federal Government, the Public Accounts Committee of the House of Representatives has given the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) a 21-day ultimatum to clarify the whereabouts of the N45 billion unremitted operating surplus spanning from 2007 to 2021.
During the hearing in Abuja, the committee Chairman, Bamidele Salam (PDP, Osun State), announced the ultimatum.
It emerged that the FRC had brought the issue to light after the SEC failed to respond to a 2022 report that highlighted the unremitted funds totaling N45 billion.
Mr. Bello Aliyu of the FRC informed the committee that the SEC had not provided any explanation since the report in 2022.
According to Aliyu, the unremitted balance of the operating surplus should have been paid to the Federal Government’s consolidated revenue fund within a month of the statutory deadline for publishing corporation accounts.
SEC’s Director-General, Lamido Yahaya, mentioned that they had already reconciled their operating surplus with the Office of the Accountant-General of the Federation, implying that efforts were being made to address the matter.
In response, Salam highlighted the FRC’s authority to ensure government agencies comply with financial regulations and emphasized the need for transparency and accountability in revenue management.
He also indicated that moving forward, all agencies would be required to adhere to the FRC’s guidelines on compliance with the law.