Reps urges SEC and FRC to resolve N45 Billion revenue dispute

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The House of Representatives Public Accounts Committee has instructed the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to settle their differences over alleged non-remittance of over N45 billion to the Consolidated Revenue Fund. During a public hearing on government revenue leakages in Abuja, Committee Chairman Bamidele Salam directed both entities to reconcile their accounts amicably.

The FRC had accused the SEC of not responding to its 2022 report, which highlighted the unremitted operating surplus of N45 billion from 2007 to 2021. In response, SEC’s Director General, Lamido Yuguda, stated that the Commission had reconciled its surplus with the Office of the Accountant General of the Federation (OAGF) and made all necessary submissions and payments.

Documents submitted by SEC to the Committee supported their claim, with the OAGF representative confirming the regular reconciliation exercises between the two entities. Despite the assertions made by SEC, the Committee emphasized the importance of resolving the dispute to ensure transparency and accountability in government revenue management.

Source: Daily Trust

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