Nigeria: FCCPC Targets N14bn Revenue in 2023

The Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC) Mr. Babatunde Irukera, on Monday said the Commission was targeting revenue of N14.3 billion in the 2023 financial year.

Irukera made this known, while addressing members of House of Representatives Committee on Finance at the ongoing interaction on the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP).

This was just as the Director of Finance

Transmission Company of Nigeria (TCN), Mr. Allen Dutse yesterday said the agency was underfunded by the government.

Irukera said before assuming office in April 2017, the commission had zero remittance into government coffers, and under his watch at the end of 2017, the sum of N41 million was remitted and that N34 million remitted at the end of 2018.

He also said that in 2019, after the establishment law was amended, N98 million was remitted and the commission pulled out from being funded by the treasury and became self-funded.

He added that in 2021, the sum of N1.3 billion was remitted while a total sum of N1.26 billion had been so far remitted in 2022.

“In the process of leaving the government treasury, as at today with the budget performing at 70 per cent, we have received N163 million in overhead, N296 million in capital and not a naira is waiting to be swept at the end of the year; that’s about N500 million.

“As at this year, we have given the government N1.2 billion and we will give more; our revenue target for 2023 is N14.3 billion, I feel relatively confident that we will be close or hit the target.

“We, however, need to find a balance, we are not a revenue generating agency, and we must not be portrayed or perceived as doing our work so revenue will come in. We will lose our credibility and it will affect the economy,’’ he said.

Reacting to issues of expenditures raised by the committee, Irukera said hazard allowance are paid to members of staff who go out on surveillance and enforcement.

The FCCPC boss said the agency was exposed to so many dangers especially when they face loan sharks and digital lenders that send defamatory messages.

He noted that the increase in insurance premium from three million to N30 million was because of his arrival, adding that the commission acted irresponsibly about insurance which he has corrected.

“They were buying brand new cars and were doing third-party insurance so there was potential for loss, but now, we insure all the vehicles comprehensively, we do all the appropriate insurance to make sure that not only are people comfortable, we make sure if there is a loss of government property, we do not have to pay for it,’’ he said

Responding, the Deputy Chairman of the Committee, Hon. Abdullahi Saidu said in the banking sector, when a member of staff meets a target of N1 billion, the next day a N2 billion target is given to such person.

He therefore urged the agency to gear up and shore up its revenue generation to surpass N15 billion next year.

Meanwhile, the Committee, following submission made by Dutse that the agency was underfunded by the government, dismissed the agency’s report on ground that many of the line items of their budget were severally repeated.

The lawmakers directed the Clerk of the Committee to invite the Managing Director of the agency to appear in person after their resumption and asked that the Director should go back and rework their revenue remittances report.

Udora Orizu in Abuja

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