Reps chide AGF over failure to prove SEC’s 25% of N6bn IGR in 2020

The House of Representatives on Tuesday has chided the office of Accountant General of the Federation (AGF) for failing to provide evidence of 25 percent of the N6 billion internally revenue generated by Securities and Exchange Commission (SEC) for the 2020 fiscal year.

The lawmakers made their feelings known at the interactive session with Lamido Yuguda, SEC Director General on the 2023-2025 Medium term Expenditure Framework (MTEF) and Fiscal strategy paper (FSP) organised by the committee on finance.

James Faleke, chairman of the committee had requested for AGF’s evidence of the N738 million representing the 25 percent of the SEC revenue in 2020.

He asked, “where is it in your own record? I want to see your own record, not their own record. If you are referring me to their record then you are not suppose to be here.”

But the AGF team said they have their record but “not here but the receipts are issued by us so we can confirm it. Because they are not part of the schedule we are suppose to have today.

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“The AGF delegation did not know that SEC is part of the agencies that would appear before the House Committee on Finance today.”

While responding to inquiry on the evidence of the 25 percent remittance of the N6 billion revenue generated in 2020, the SEC director general said the money is deducted from the source automatically, adding that the system is too effective.

He said: “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 statement.”

When asked to give details of the N6 billion revenue accrued to the Commission 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.”