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Yuguda, who was represented by Ibrahim Boyi, SEC executive commissioner for corporate services, disclosed this on Tuesday when he appeared before the house of representatives committee on finance.
There has been concern over poor remittance of revenue by ministries, department and agencies (MDAs) into the federation account.
This has
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The panel was mandated by the house to investigate MDAs’ revenue remittances into the federation account.
Speaking on the decision, the SEC commissioner said the move will enable the commission become more sustainable and will improve its revenue generation.
“Unfortunately, almost 80 percent of our cost is staff cost. So, we need to find a way of chopping off that cost and I think work is already going on. We are top heavy almost 50 percent of our staff are from senior managers,” he said.
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The House of Representatives on Tuesday demanded records of revenue remitted by Nigeria National Petroleum Corporation (NNPC) into the Federation account between 2014 and 2019.
The lawmakers issued the directive in Abuja, during an investigative hearing on the ‘monitoring and investigating revenue remittances by the Ministries, Department and Agencies (MDAs) of government into the public coffers, held at the instance of the House Committee on Finance.
The lawmakers also demanded the NNPC’s audited account from 2014 to 2017, the details of advanced consideration received from customers in 2018 and 2019 which amounted to N1.905 billion and N820.511 million respectively.
In his intervention, Chairman, House Committee on Treaties, Protocols and Agreements, Hon. Ossai Nicholas Ossai explained that the investigative hearing was aimed at assisting the Parliament to block all revenue leakages within the public financing system.
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Tribunal grants tax reduction to Unity Bank, Leadway Pensure, BoI
December 20
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The tribunal in a statement, said it ordered a reduction to N27.45 million from N431.92 million, being tax assessment imposed on Unity Bank by Kano state internal revenue service.
The Bank of Industry (BoI) also got a reduction to N15 million from N178.25 million being tax assessment imposed by the Kaduna state internal revenue service.
Another taxpayer, Leadway Pensure Limited also efficaciously challenged their tax assessment, in the sum of N462.46 million which was reduced to N5.5 million by the tribunal.
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The tribunal said no matter has remained on the cause list for more than one year, with matters being speedily conducted and brought to conclusion, most times within six months of filing.
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