Members of the House of Representatives on Tuesday knocked the office of the Accountant General of the Federation, AGF, for failing to provide evidence of 25 percent of the six billion naira internally revenue generated by the Securities and Exchange Commission (SEC) for the 2020 fiscal year.
The lawmakers faulted SEC during the interactive session with the Commission’s Director General, Lamido Yuguda, on the review of the 2020 to 2022 budget defense and 2023-2025 Medium-term Expenditure Framework (MTEF) and Fiscal Policy Paper (FPP).
The session was chaired by Chairman House Committee on Finance, Hon. Abiodun James Faleke.
Trouble started when Hon. Faleke requested for AGF’s evidence of the N738 million representing the 25 percent of the SEC revenue in 2020.
Responding, the AGF said: “We have their record but not here, but we issue the receipts so we can confirm it because they are not part of the schedule we are supposed to have today.”
Commenting on the inquiry regarding the evidence of the 25 percent remittance of the N6 billion revenue generated in 2020, the SEC boss pointed out that there is an automatic deduction of the money from the source, adding that the system is too effective.
Speaking on a question regarding the period when the Commission makes a marginal profit, Yuguda affirmed that the SEC makes an operating surplus in its operation.
On the revenue remitted to the Consolidated Revenue Fund as provided by law, the SEC boss disclosed that the Commission is self-funded, adding that it’s expected to remit 25 percent of its revenue at source.
“We are expected to remit 25 percent of our revenues at source, that’s where we receive them, and then another 15 percent of our revenue at the end of our financial year, when we are auditing financial statements.”
Commenting on the N6 billion revenue accrued to SEC in 2020, Yuguda said: “Page one we have our audited financial statement. Pages 3 to 19, we have a schedule that shows all the remittances that we have made for the 12 months in 2021 and then for the six months in 2022 from January.”