In Three Years, SEC Under-remits Over N4.721bn

The Securities and Exchange Commission (SEC) under remitted N4.721billion over three years into the coffers of the Federal Government, it was gathered yesterday.

This was the discovery of the Hon James Faleke-headed House of Representatives joint committee on Appropriations, Finance, Aids, Loans & Debt Management and National Planning, during the interactive session on the 2021-2023 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). SEC remitted N116,835,713, 04 over three years.

This is short of N4,721,809,362, which is the cash that should have been added to the amount remitted (that is N110 million) being the total of the 25 per cent the organisation should have remitted by law into the coffers of the Federal Government.

According to the records presented to the joint committee, by the Director-General of SEC, Mr. Lamido Yuguda, the organisation remitted N30 million (receipt no. G003071026 for the year 2018.

Also, N30,000,157.50 (receipt no. G003244118) was remitted as part of 2019 surplus.

And another cash of N56, 835, 555.54 was remitted as part of the 2019 surplus (receipt no. G003254018).

For 2018, SEC projected a total of N9,143,905,000 (N9.143 billion) and got N8,083,462,142.36 (N8.083 billion); while in 2019, N12,001,375,313.00 (N12.001 billion) was projected, while N8,533,086,139.32 (N8.533 billion was garnered.

But for this year, as at the date of rendering report to the joint committee, only N2,739,032,017.99 (N2.739 billion) has been received out of a projected N12, 318,700,000 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.