Fatshimetrie recently reported on a public hearing addressing government revenue leaks, where MP Bamidele Salam, the committee chairman, issued a critical directive. Immediate action was ordered to counter the reported fund shortfalls by the Financial Regulatory Council (FRC) against the Securities and Exchange Commission (SEC).
The FRC accused the SEC of neglecting its report from 2022, revealing ₦45.013 billion in unremitted funds. Bello Aliyu, a representative of the FRC, informed the committee that despite reaching out to the SEC since December 2022, they had not received any response. He stressed that it is legally mandated for any operating surplus to be paid into the federal government’s consolidated revenue fund within one month following the statutory deadline for publishing an organization’s accounts.
In response, SEC Director General Lamido Yuguda stated that the commission had reconciled its surplus with the Office of the Comptroller General of Finance (OAGF). He emphasized ongoing efforts to reconcile surplus figures dating back to 2007 when the FRC was established.
MP Bamidele Salam underscored the FRC’s pivotal role in overseeing remittances and revenue management in government entities. He expressed disappointment at the lack of collaboration from the SEC and called for an end to detrimental practices.
This dispute underscores the pressing need for enhanced transparency in public finance management, shedding light on the challenges financial regulators face while emphasizing the importance of bolstering accountability in the financial sector.
For further updates on this unfolding situation, stay tuned to Fatshimetrie for continued monitoring and in-depth coverage of developments.
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