Reps quiz SEC over misappropriation of N19.355bn revenue

The House of Representatives on Tuesday quizzed management of Securities and Exchange Commission (SEC) over non-remittance of 25 per cent operating surplus out of the N19.355 billion revenue accrued between 2018 and 2020 fiscal years.

Chairman, joint House Committee on Appropriations, Finance, Aids, Loans and Debt Management, Hon Abiodun Faleke made the observation on day-4 of the interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

The lawmaker who frowned at the paltry sum of N116,835,713.04 remitted within the period under review, however, observed that SEC was under obligation to remit N4,721,809,362 into the coffers of the Federal Government.

According to the records presented to the joint committee by SEC Director-General, Mr Lamido Yuguda, the organisation realised total of N9,143,905,000 against the sum of N8,083,462,142.36 expenditure for 2018.

In the year 2019, out of the sum of N12,001,375,313 realised the Commission expended the sum of N8,533,086,139.32.

For year 2020, the Commission which projected revenue of N12,318,700 has so far realised N2,739,032,017.99.

Meanwhile, the SEC remitted the sum of N30 million via receipt No. G003071026 for the year 2018.

SEC also remitted total sum of N30,000,157.50 with the receipt No. G003244118 and additional sum of N56,835,555.54 as operating surplus with receipt No. G003254018) for year 2019.

But for the year 2020 as at the date of rendering report to the joint committee, only N2,739,032,017.99 has been received out of a projected N12,318,700,000 for the year.

In a related development, the Joint Admission and Matriculation Board (JAMB) remitted a sum of N20,526,339,687 between 2017 and 2020.

According to the records presented to the Committee, JAMB remitted a sum of N6,818,581,691 in 2017.

For 2018, the Board remitted N5.703 billion out of its total revenue of N14.951 billion in 2018 fiscal year.

In 2019, the Board also remitted the sum of N4.003 billion out of the sum of N13.394 billion revenue realised for the year.

In 2020, the Board paid the sum of N4.024 billion out of total sum of N8.566 billion realised so far.

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