House of Representatives Committee Demands Explanation on N45 Billion Unremitted Operating Surplus

The Public Accounts Committee of the House of Representatives has issued a 21-day ultimatum to the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to account for the whereabouts of N45 billion in unremitted operating surplus recorded from 2007 to 2021.

During a public hearing in Abuja, the committee’s chairman, Bamidele Salam, expressed concern over the lack of response from the SEC to the FRC’s report issued in 2022, which identified the unremitted funds. The FRC representative, Mr. Bello Aliyu, revealed that despite notifying the SEC of the liability, they had received no response.

According to Aliyu, the law mandates that any balance of operating surplus should be paid into the consolidated revenue fund of the Federal Government within one month of the statutory deadline for publishing corporation accounts.

In response, the Director-General of the SEC, Lamido Yahaya, stated that the commission had reconciled its operating surplus with the Office of the Accountant-General of the Federation. However, Salam emphasized the need for compliance with the FRC, stating that all agencies must adhere to the provisions of the Act.