News
House Orders JAMB to Remit N3.6 Billion to Federal Government in 30 Days
The House of Representatives has directed the Joint Admission and Matriculation Board (JAMB) to remit a sum of N3.602 billion to the Federal Government’s Consolidated Revenue Fund (CRF).
This order was issued during an investigative hearing held in Abuja, led by Rep. Bamidele Salam, Chairman of the House Public Accounts Committee.
Salam clarified that this remittance is not open to any personal interpretation, but rather a clear-cut legal obligation.
He noted that the issue at hand had nothing to do with the difference between a 25 percent or 50 percent revenue remittance, as was being argued by JAMB.
Rather, it was a matter of adhering to established laws and financial regulations governing public institutions.
The committee, in a unanimous decision, instructed JAMB to remit the outstanding N3.602 billion to the Fiscal Responsibility Commission (FRC) and provide documented proof of the remittance within a 30-day window.
This decision comes after the FRC brought JAMB before the committee, alleging that the board had failed to remit its operating surplus in full.
Mr. Bello Aliyu, a representative of the FRC, provided insight into the financial discrepancies.
He explained that as of 2021, based on the report submitted to the committee, JAMB’s liabilities stood at N390.725 million.
However, after receiving JAMB’s 2022 audited financial statement, the FRC recalculated the liabilities, which have since increased to N3.602 billion.
Aliyu mentioned that the FRC had formally notified JAMB about the updated liability through a letter dated March 14, followed by a reminder issued on August 31.
Despite these correspondences, he disclosed that the FRC had not received any response from JAMB regarding the matter.
Addressing these allegations, JAMB’s Director of Finance and Administration, Mr. Mufutau Bello, responded by shedding light on the board’s perspective.
According to Bello, the crux of the issue lies in the difference in remittance figures.
He explained that the FRC had been pushing for JAMB to remit 50 percent of its revenue to the government, while the board had been consistently remitting 25 percent, as per a concession granted by the Office of the Accountant-General.
Bello pointed out that in 2019, JAMB’s dedication to revenue remittance led the Federal Government to reduce the cost of its registration fee from N5,000 to N3,500, a move that was designed to benefit all Nigerians.
He emphasized that JAMB had not increased any of its charges over the last eight years, and had in fact reduced them, leading to a decrease in its revenue base.
“We have consistently followed the 25 percent remittance policy year after year, and this has been done in line with our role in the education sector,” Bello stated.
He argued that, based on the 25 percent remittance rate, JAMB has actually over-remitted its surplus over the years.
The board has always operated under the assumption that the 25 percent rate, as approved by the Accountant-General, was the correct standard to follow.
However, the FRC is now pushing for JAMB to remit 50 percent of its revenue, a significant increase from the previous rate.
This, according to Bello, is the core of the disagreement between the two agencies.
Bello further stressed that if the committee were to assess JAMB’s remittance based on the 25 percent rate, the board has been more than compliant and has fulfilled its financial obligations.
“We’ve done our part in supporting the government’s efforts by keeping our fees low while adhering to the 25 percent rule,” he said.
The hearing concluded with the committee reaffirming its directive for JAMB to remit the N3.602 billion as calculated by the FRC and to provide evidence of the payment within 30 days.
This ongoing investigation highlights the complexities of revenue remittance among government agencies and the need for clarity in financial regulations.
TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.
“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.
“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.
Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.
He speaks on ways things can change in the state and how electricity can be provided.
“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”
“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.
“We take two steps forward, we go five steps backward,” he said.
Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.
Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.
He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.
“Fighting for Nigerians Is Tiring” — VeryDarkMan Recalls Burna Boy’s Words
Enzo Fernández Moves Closer to Manchester City Transfer
