According to the House of Representatives' ad hoc committee on unclaimed funds in commercial banks and CBN infractions, the Nigerian Social Insurance Trust Fund (NSITF) owes the federal government N3.8 billion.
The chairman of the committee, Unyime Idem, revealed this at the panel's ongoing investigative hearing on Tuesday, 5 April, according to The Cable.
According to Idem, the sum represented the amount that the agency did not remit to the government from 2016 to 2018.
According to him, the agency only submitted audited financial statements for this period, and the debt figure was calculated by the committee based on the documents it received.
Idem also claimed that between 2015 and 2020, the National Business and Technical Examinations Board (NABTEB) failed to remit N268 million to the federal government.
“These figures are extracted from documents that they submitted before us. I wonder what would happen by the time they fully submit all the documents required by this committee,” he said.
“Based on the documents they have submitted so far, though they still have a lot of documents to submit; but so far, we have been able to discover infractions to the tune of N268 million,” the chairman said.
“This is money that belongs to the federal government. We have asked them to let us know when that money would be paid directly into the FG account".
Both Modu Gana, NSITF's executive director of operations, and Ifeoma Mercy Isiugo-Abanihe, NABTEB registrar, who appeared before the committee, requested more time to reconcile their records.
Idem directed the organizations to provide up-to-date revenue generation, collection, and remittance details by Friday and to appear before the committee the following Tuesday.
He went on to say that the money had to be returned to the government, especially given the country's current cash crunch.
