Senate queries SEC over N10 billion annual salary for 600 Staff

The Director General of Securities and Exchange Commission ( SEC), Lamido Yuguda , was queried Tuesday by the Senate’s joint committee on Finance and National Planning on bogus N10billion spent on salaries of less than 600 staffers of the agency on yearly basis. The Committee led by Senator Olamilekan Adeola ( APC Lagos West), ordered the agency to unfailingly remit N300million into the Consolidated revenue fund ( CRF) , latest by Thursday next week. Trouble arose when the SEC DG, during his submission before the committee on revenue projections for the 2021 budget , said out of N4billion revenue generated by SEC in 2019, only N86.835million was remitted into the CRF. Disturbed by the wide gap between revenue generated and remittance made, Senator Adeola sought for comments from the Accountant General of the Federation ( AGF ), Ahmed Idris, on the performance index of SEC. Idris responding said, the N86.835million remitted into CRF by SEC in 2019 from the N4billion revenue generated, was grossly low. “The least of such remittance expected from SEC from N4billion revenue is N846million , meaning that the agency is owing the federal government N760million”, he said. Infuriated by the disclosure made by the AGF, the committee members questioned the SEC Boss on why whopping N10billion is being expended on salaries of less than 600 staffers of the agency on yearly basis. According to Senator Adeola, the N10billion when spread on 600 staffers, shows that each of the staff of the agency collects N15.7million per annum. Consequently, the committee resolved that since SEC as a self-financing agency got N1.7billion budgetary allocation from the federal government in 2019 but generated N3.7 billion as revenue, it can be excluded from yearly budgetary allocations.

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