Always Visit www.NaijaCover.Com

Posted By Udokabestluv On September 10th, 2024

The House of Representatives has directed the Joint Admission and Matriculation Board (JAMB) to transfer N3.602 billion to the Federal Government’s Consolidated Revenue Fund (CRF) within 30 days.

This directive was issued by the Chairman of the Public Accounts Committee, Rep. Bamidele Salam during an investigative hearing in Abuja.

The order followed a demand from the Fiscal Responsibility Commission (FRC), which accused JAMB of failing to remit its full operating surplus to the federal government.

Salam clarified that the remittance is based on regulatory guidelines, stating it is not subject to personal interpretation, and insisted that JAMB must adhere to the financial laws regulating government agencies.

The central point of contention is whether JAMB should remit 25% or 50% of its revenue.

JAMB’s Director of Finance and Administration, Mufutau Bello defended the board’s actions, explaining that JAMB has consistently remitted 25% of its revenue as granted by the Accountant-General’s office.

He highlighted that JAMB reduced its registration fees from N5,000 to N3,500 in 2019 to ease the financial burden on Nigerians.

According to Bello, the FRC now expects JAMB to remit 50% of its revenue, which he claims is a deviation from the existing arrangement.

He stated that the FRC demands a 50% remittance, whereas the Accountant-General’s office permits a 25% remittance.

JAMB argued that it has consistently over-remitted according to the 25% threshold and has adhered to this practice each year.

“If judged by the 25% benchmark, JAMB has overremitted over the years,” Bello argued, adding that the current confusion stems from the FRC’s demand for a higher remittance percentage.

The representative of the FRC, Bello Aliyu explained that as of 2021, JAMB’s outstanding liabilities stood at N390.725 million.

With the submission of JAMB’s 2022 audited financial statement, the FRC calculated a new liability of N3.602 billion.

This amount, according to Aliyu, was communicated to JAMB on March 14, 2023, followed by a reminder on August 31, but no response was received.

Despite JAMB’s explanation, the Public Accounts Committee ruled that the N3.602 billion must be remitted within 30 days, and evidence of payment should be provided.

The committee emphasised the need for compliance with financial regulations.

Source: https://leadership.ng/reps-orders-jamb-to-remit-n3-6bn-to-federal-govt-within-1-month/