Reps sort out Accountant Basic over data of N6bn revenue generated by SEC

Members of the Home of Representatives on Tuesday knocked the workplace of the Accountant Basic of the Federation, AGF, for failing to supply proof of 25 p.c of the six billion naira internally income generated by the Securities and Change Fee (SEC) for the 2020 fiscal yr.

The lawmakers faulted SEC through the interactive session with the Fee’s Director Basic, Lamido Yuguda, on the evaluate of the 2020 to 2022 finances protection and 2023-2025 Medium-term Expenditure Framework (MTEF) and Fiscal Coverage Paper (FPP).

The session was chaired by Chairman Home Committee on Finance, Hon. Abiodun James Faleke.

Hassle began when Hon. Faleke requested for AGF’s proof of the N738 million representing the 25 p.c of the SEC income in 2020.

Responding, the AGF mentioned: “We now have their report however not right here, however we situation the receipts so we will verify it as a result of they aren’t a part of the schedule we’re imagined to have at the moment.”

Commenting on the inquiry concerning the proof of the 25 p.c remittance of the N6 billion income generated in 2020, the SEC boss identified that there’s an automated deduction of the cash from the supply, including that the system is simply too efficient.

Talking on a query concerning the interval when the Fee makes a marginal revenue, Yuguda affirmed that the SEC makes an working surplus in its operation.

On the income remitted to the Consolidated Income Fund as supplied by legislation, the SEC boss disclosed that the Fee is self-funded, including that it’s anticipated to remit 25 p.c of its income at supply.

“We’re anticipated to remit 25 p.c of our revenues at supply, that’s the place we obtain them, after which one other 15 p.c of our income on the finish of our monetary yr, after we are auditing monetary statements.”

Commenting on the N6 billion income accrued to SEC in 2020, Yuguda mentioned: “Web page one we’ve our audited monetary assertion. Pages 3 to 19, we’ve a schedule that reveals all of the remittances that we’ve made for the 12 months in 2021 after which for the six months in 2022 from January.”