The Senate on Tuesday queried the Director-General of the Securities Exchange Commission, Lamido Yuguda, over payment of N10 billion annual salary to 600 staff of the commission.
The query was sequel to the presentation of the Director General of SEC, who appeared before the lawmakers during an interactive session.
The Chairman of Senate Joint Committees on Senate Finance and National Planning, Senator Adeola Olamikan, wondered how 600 staff could be collecting N10 billion annually, an indication that each staff on the average earns N15.7 million annually.
In addition, the Accountant General of the Federation, Ahmed Idris, revealed that SEC generated N4 billion as revenue in 2019, while it remitted only N86.8 million to the national purse.
The AGF told the lawmakers that at least SEC is expected to remit N760 million into the Federation Account.
Angered by the failure of the SEC to remit money into federation account, the Chairman of the Joint Committees ordered SEC to remit N300 million to Federation Account by next week Thursday.