Reps take on Accountant General over N6bn revenue generated by SEC
Members of the House of Representatives hit the office of the Federation's Accountant General, AGF, on Tuesday for failing to provide proof of 25% of the six billion naira in internal revenue generated by the Securities and Exchange Commission ( SEC) for fiscal year 2020.
Lawmakers slammed SEC during interactive session with Commission Director General Lamido Yuguda on review of defense budget 2020-2022 and medium-term expenditure framework (MTEF) 2023-2025 and the Budget Policy Paper (FPP).
The session was chaired by the Chairman of the House Finance Committee, the Hon. Abiodun James Faleke.
The problems started when the Hon. Faleke demanded proof from AGF of the N738 million representing 25% of the SEC's revenue in 2020.
In response, AGF said, "We have their file but not here, but we're issuing the receipts so we can confirm that because they're not part of the schedule we're supposed to have today. "
Commenting on the investigation regarding proof of remittance of 25% of the N6 billion revenue generated in 2020, the SEC boss pointed out that there is an automatic deduction of money at source, adding that the system is too efficient.
Speaking on a question regarding the period in which the Commission makes a marginal profit, Yuguda asserted that the SEC makes an operating surplus in its operation.
On revenue going to the Treasury as required by law, the SEC boss revealed that the Commission is self-funded, adding that it should return 25% of its revenue to the source.
"We are supposed to return 25% of our income to source, that's where we receive it, and then another 15% of our income at the end of our financial year, when we audit the financial statements."< /p >
Commenting on the 6 billion naira in revenue generated by the SEC in 2020, Yuguda said, “On the first page we have our audited financial statements. we carried out for the 12 months in 2021, then for the six months in 2022 from January."
Members of the House of Representatives hit the office of the Federation's Accountant General, AGF, on Tuesday for failing to provide proof of 25% of the six billion naira in internal revenue generated by the Securities and Exchange Commission ( SEC) for fiscal year 2020.
Lawmakers slammed SEC during interactive session with Commission Director General Lamido Yuguda on review of defense budget 2020-2022 and medium-term expenditure framework (MTEF) 2023-2025 and the Budget Policy Paper (FPP).
The session was chaired by the Chairman of the House Finance Committee, the Hon. Abiodun James Faleke.
The problems started when the Hon. Faleke demanded proof from AGF of the N738 million representing 25% of the SEC's revenue in 2020.
In response, AGF said, "We have their file but not here, but we're issuing the receipts so we can confirm that because they're not part of the schedule we're supposed to have today. "
Commenting on the investigation regarding proof of remittance of 25% of the N6 billion revenue generated in 2020, the SEC boss pointed out that there is an automatic deduction of money at source, adding that the system is too efficient.
Speaking on a question regarding the period in which the Commission makes a marginal profit, Yuguda asserted that the SEC makes an operating surplus in its operation.
On revenue going to the Treasury as required by law, the SEC boss revealed that the Commission is self-funded, adding that it should return 25% of its revenue to the source.
"We are supposed to return 25% of our income to source, that's where we receive it, and then another 15% of our income at the end of our financial year, when we audit the financial statements."< /p >
Commenting on the 6 billion naira in revenue generated by the SEC in 2020, Yuguda said, “On the first page we have our audited financial statements. we carried out for the 12 months in 2021, then for the six months in 2022 from January."
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