In order to reduce the deficit in the proposed 2021 budget, the Securities and Exchange Commission (SEC) has agreed to increase its remittances to the Consolidated Revenue Fund (CRF) account by N300million within the next one week.
The decision was taken yesterday at the end of a 5-day interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) organised by the Joint Senate Committee on Finance and National Planning at the National Assembly complex in Abuja.
Chairman of the Committee, Senator Solomon Adeola (APC, Lagos West) after listening to the director-general of SEC, Lamido Yuguda, on the commission’s revenue generation and projection, said, “On the issue of the revenue to be paid to the CRF account, I will implore the DG, to within today and Thursday next week, remit at least N300million to the coffers of the revenue fund.”
Yuguda had told the Senate joint committee that SEC generated a total revenue of N8.358billion in 2019 while it’s expecting only N5.478billion in 2020, with a projection of N8.3billion in 2021 fiscal year.
Senator Gabriel Suswam, however, queried SEC’s projection of N8.3billion for 2021 as revenue while its expenditure for the same year is N14.4billion with a deficit of N6.1billion.
Meanwhile, Senator Adeola has urged SEC not to pay less than N1billion to the CRF account in 2021, even as he told the commission to reduce its wage bill by working on its top-heavy management.
“You have staff strength of 600 and a wage bill of N10.3billion annually, amounting to N15.7million per person. You are indeed top heavy. You have to work on this,” the Committee chairman said.
But the DG of SEC told the lawmakers that reducing the top-heavy workforce was dependent on the availability of severance allowances of those to be laid off for prompt payment.
Also, the chairman of the National Assembly Service Commission (NASC), Engr. Ahmed Kadi Amshi has called for the increase of annual National Assembly budget, saying the appropriated N125billion for 2020 was inadequate.
Amshi stated this yesterday in Abuja when he received the chairman of the Benue State House of Assembly Commission (BSHAC), Dr. Sylvester Atachin, who led other commissioners to NASC in Abuja on a working visit.
Earlier, Atachin had told Amshi that the visit was to rub minds with the federal establishment on a number of issues which, he said, can be of benefit to the state Assembly Commission as they commenced the journey of providing critical administrative support to the State House of Assembly.
Also, the Senate yesterday demanded the suspension of three top management staff of the Nigeria Television Authority (NTA) for the probe of the joint ventures with Startimes, a pay TV provider.
The three-management staff are the managing director of NTA TV Enterprises, Mr Maxwell Loco; Chief Operating Officer (COO) of NTA/ Startimes Joint Ventures, Tunde Aina, and director of Tax and Audit, Mr Emeka.
This followed the discoveries by the Joint Senate Committee on Finance and National Planning at the public hearing of the 2021 – 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).