The Federal Capital Territory Administration (FCTA), has commenced the auditing of payroll remittance on statutory and non-statutory deductions of the FCTA liabilities to its third-party beneficiaries.
These remittances include statutory deductions such as taxes, pensions, and insurance, as well as non-statutory deductions like employee contributions to cooperative societies and various welfare programmes.
To this end, the FCTA engaged audit consultants, M/S G.E. Osagie and Co, to audit the payroll of the FCTA from 2010 to 2022, to among other objectives, establish the total statutory deductions for National Housing Funds (NHF), FCT Health Insurance Scheme (FHIS), Contributory Pension Scheme (CPS), Pay as You Earn (PAYE) and other Non-Statutory deductions like Cooperative dues made, as well as to establish deductions and payments made on behalf of each FCTA staff for National Housing Fund (NHF), FCT Health Insurance Scheme (PAYE) and Cooperative deductions, all from 2010 to 2022.
Flagging off the exercise on Tuesday, Permanent Secretary, FCTA, Mr. Olusade Adesola, said the auditing of the payroll remittances signifies FCTA’s unwavering dedication to a robust and meticulous financial system as it allows it to validate that the amounts deducted from its employees’ salaries are promptly remitted to the rightful beneficiaries.
Adesola noted that payroll remittance plays a pivotal role in maintaining the welfare of FCTA’s esteemed workforce, who tirelessly work for the betterment of society.
He said throughout the auditing process, the FCTA will leave no stone unturned in ensuring accuracy, fairness, and compliance with all relevant regulations and policies.
He added that the FCTA understands the significance of timely remittances for our third-party beneficiaries, as it directly impacts their operations and ability to deliver essential services to the citizens of the FCT.
While pledging to expedite the resolution of any discrepancies uncovered during the auditing process and take
immediate corrective actions, the Permanent Secretary, implored all staff of the human resources and treasury departments to give the consultant maximum cooperation and support in assisting them to execute their assignment.
He also called on the consultants to carry out their assignment in compliance with the terms of engagement, scope and responsibility as stipulated in the contract agreement.
In his remarks, the Chairman, Joint Unions Action Committee (JUAC), Mr. Korede Matilukoro, said auditing the remittances of deductions from the about 40,000 workers of the FCTA was necessary and expressed satisfaction that the FCT Administration has engaged a reputable firm to handle the task.
He said FCTA workers for a long time have struggled with issues of remittances of their statutory and non-statutory deductions and have been unable to access loans from the Federal Mortgage Banks, despite being major contributors to the funds.
In his response, Godwin Osagie, Managing Partner/CEO, G. E. Osagie & Co. Chartered Accountants, expressed his gratitude and capacity to perform the auditing.
He said: “Today, l am happy to share that G. E. Osagie & Co. is not alone in this endeavor. As a member of Alliott Global Alliance, we have access to a vast network of distinguished professionals and firms, and our collective work experiences in similar projects across the globe equip us with a unique perspective to tackle the complexities of this audit. Transparency is paramount to our approach.
“Throughout the process, We will maintain open lines of communication with the FCTA, valuing your insights and inputs. Our findings will be presented in a clear, comprehensive, and actionable manner, ensuring that the administration can make informed decisions to optimise financial processes,” he assured.
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