The House of Representatives’ Ad Hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and the Infractions of the Central Bank of Nigeria has said the Nigerian Social Insurance Trust Fund owes the Federal Government about N3.8bn.

The Chairman of the committee, Unyime Idem, who made this known at the ongoing investigative hearing by the panel on Tuesday, stated that the sum represented the amount that the NSITF failed to remit to the government between 2016 and 2018.

Idem noted that the NSITF submitted audited financial statements for only this period while the committee arrived at the figure based on the documents it had received.

“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.

Idem also said the National Business and Technical Examinations Board failed to remit a total sum of N268m to the Federal Government between 2015 and 2020.

The chairman 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 N268m. 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.”