The Federal Competition and Consumer Protection Commission (FCCPC) has projected to generate N14.3 billion revenue in the 2023 fiscal year.
The commission’s Director General, Mr. Babatunde Irukera, made this projection Monday during a public hearing on the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) organized by the House of Representatives Committee on Finance in Abuja.
He disclosed that in the 2021 fiscal year, the commission remitted N1.3 billion to the Federation Account commission, while in 2022 it had remitted N1.26 billion so far.
Irukera recalled that prior to April 2017, the FCCPC was not remitting revenue to the Federal Government but that since the end of that fiscal year, it had been doing so in line with the Fiscal Responsibility Act provisions,
He disclosed that in 2017 the commission remitted N41 million; in 2018, it remitted N34 million to the Federation Account and that following the amendment of the commission’s enabling Act in 2019, it remitted N98 million.
The FCCPC boss further clarified: “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”, Irukera added.
He told the lawmakers that hazard allowance was paid to members of staff who were sent on surveillance and enforcement assignments due to their exposure to hazards, especially when they encountered fraudulent loan sharks and digital lenders that sent defamatory messages in the country.
