Nigeria’s SEC fails to remit N4.72 bln to govt Treasury ~HoR
The House of Representatives has discovered that the Securities and Exchange Commission (SEC) under remitted N4.72 billion over three years into the government treasury as part of its statutory requirements.
According to the HoR joint committee on Appropriations, Finance, Aids, Loans & Debt Management and National Planning, SEC remitted a total of N116.83 billion in three years from its operating surplus and internally generated revenue.
The amount remitted, the chairman of the joint committee James Faleke said was short of N4.72 billion expected to be paid into the government accounts.
SEC is statutorily bound to remit 25 per cent its operational surplus into the treasury of the Federal Government.
According to the records presented to the joint committee, by the Director-General of SEC, Lamido Yuguda, the organisation remitted N30 million apiece in 2018 and 2019 as part of its operating surplus.
And another cash of N56.83 billion was remitted as part of the 2019 surplus while in 2018, SEC projected a total of N9.14 billion and got N8.08 billion and in 2019, N12 billion was projected, while N8.53 billion was generated.
The committee said in 2020, as at the time of rendering report to the joint committee, only N2.74 billion has been received out of a projected N12.32 billion for the year.
SEC is not a treasury-funded organisation, but is expected to remit 25 per cent of its Internally Generated Revenue (IGR), or 80 per cent of its operating surplus (depending on which is higher) to the coffers of the Federal Government.