Public Accounts Committee Directs Security Tribunal To Remit over N6m within 7 days

The Public Accounts Committee (PAC) of the House of Representatives has directed the Investment and Security Tribunal (IST) to remit N6,327,049.85 to the federal government coffer.

The Committee led by Rep. Bamidele Salam gave the directive as the Tribunal appeared before it over the Auditor-General’s Report 2020.

The audit report by the Auditor-General raised four issues against the agency bordering on payment without supporting documents totaling N11,698,329.40 and non-remittance of statutory taxes totaling N1,407,544.85.

Also extra budgetary spending from various sub-heads totaling N3,159,129.75 and cash advance above N200,000 totaling N1,760,376.00.

The Chief Registrar of IST, Mr. Shehu Kuta, said that the Auditor never brought up the issue during the audit exercise, and supporting documents for the payment are available for committee verification.

He admitted that the Tribunal didn’t deduct the statutory taxes totaling N1,407,544.85 and also agreed to the violation of cash advance above N200,000 totaling N1,760,376.00.

The Chief Registrar said that all their payment throughout that period was through the Government Integrated Financial Management Information System (GIFMIS), and the Extra budgetary was caused by Gifmis default.

The Committee unanimously directed the Tribunal to remit N6,327,049.85 to the federal government and other financial regulations sanctions will follows.