NSITF owes FG N3.8bn ― Reps Committee

Chairman of House of the House of Representatives Ad-hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and the Infractions of the Central Bank of Nigeria (CBN), Hon Unyime Idem, on Tuesday, disclosed that the Nigerian Social Insurance Trust Fund (NSITF) owes the Federal Government N3.8bn.

The lawmaker made this known in Abuja during the continuation of the investigative hearing of the Ad-hoc Committee.

He explained that the amount represented the figure which was not remitted to the government by the agency from 2016 to 2018.

He said that the agency submitted audited financial statements for only this period and the debt figure was arrived at by the committee from the documents it received.

According to him, “these figures are extracted from documents that they submitted before us. I wonder what would happen by the time they fully submit all the documents required by this committee,” he said.

Hon Idem also revealed that the National Business and Technical Examinations Board (NABTEB) was yet to remit N268 million to the Federal Government which covered the period from 2015 to 2020.

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According to him, “based on the documents they have submitted so far, though they still have a lot of documents to submit, so far, we have been able to discover infractions to the tune of N268 million. This is money that belongs to the Federal Government. We have asked them to let us know when that money would be paid directly into the Federation account.”

Executive Director, Operations, NSITF, Modu Gana and the Registrar of NABTEB, Ifeoma Mercy Isiugo-Abanihe, who both appeared before the committee requested more time to reconcile their records.

Idem directed the organizations to provide details of revenue generation, collection and remittances up to date on Friday and appear before the committee next Tuesday.

He stressed that the sums must be paid back to the government, especially against the background of the cash crunch the country was currently facing.