The lawmakers asked the accountant general to furnish the Committee with information on what has been deducted from workers so far, when such money was deducted and why the money has not been remitted.
A member of the committee, Hon. Timehin Adelegbe said; “if the deduction is automated, the remittances should also be automated.” The Committee also directed the accountant general to immediately remit all deductions of the housing fund to the FMBN and present the receipt to lawmakers. Managing director of FMBN, Madu Hamman appealed to the Committee to amend the Act establishing the Bank and the National Housing Fund to give more effect to the operation of the NHF.
Hamman said the Bank collected about N591.523 billion as remittances from both the formal and informal sector of the Nigerian economy since 2011 till date out of which N238. 557 billion was collected from government Ministries, Departments and Agencies.Hamman said the bank also has an outstanding payment of about N26.573 billion with the office of the Accountant General of the Federation.