FCCPC Anticipates N14.3 Billion Revenue In 2023

The Federal Competition and Consumer Protection Commission (FCCPC), has projected revenue for next year to be N14.3 billion.

The Executive Vice-Chairman, Babatunde Irukera, said this on Monday during a House of Representatives Committee on Finance hearing on the 2023-2025 medium term expenditure framework/fiscal strategy paper (MTEF/FSP) in Abuja.

Irukera, who provided details on the commission’s spending, stated that prior to his appointment in April 2017, the FCCPC had no remittances into government coffers.

He stated that the commission remitted approximately N41 million at the end of 2017, and another N34 million at the end of 2018.

According to him, N98 million was remitted in 2019 when the establishment statute was altered, and the commission ceased to be sponsored by the Treasury and became self-funded.

He further stated that over N1.3 billion was remitted in 2021, and approximately N1.26 billion has been remitted thus far in 2022.

Despite the fact that the FCCPC is not a revenue-generating organization, Irukera stated that the FCCPC’s aim for 2023 is N14.3 billion.

Irukera Continues

He said: “In the process of leaving the government treasury, as of 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 of 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 to 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.”

Another Respondent Speaks

Irukera, who also responded to the committee’s cost concerns, stated that danger allowances were granted to staff who went out on surveillance and enforcement missions.
He also stated that the agency has been exposed to numerous threats, particularly when dealing with loan sharks and digital lenders who spread slanderous comments throughout the country.

According to him, the FCCPC was one of the entities that remained operational during the COVID-19 lockdown.

Irukera stated that the increase in insurance premiums from N3 million to N30 million was due to the commission acting carelessly about insurance before to his appointment, which has since been remedied.

“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.

“Also more money needed to be spent on building enterprise management systems to keep commerce running as a result of COVID-19,” he said.

Irukera, who also responded to the committee’s cost concerns, stated that danger allowances were granted to staff who went out on surveillance and enforcement missions.
He also stated that the agency has been exposed to numerous threats, particularly when dealing with loan sharks and digital lenders who spread slanderous comments throughout the country.

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FCCPC President’s Comment

The FCCPC president also stated that the system has nearly eliminated paperwork and file transfer because a merger of two companies could be completed entirely online, among other things.

Committee Chairman Abdullahi Saidu and other members congratulated Irueka on the accomplishments of the commission under his leadership.

“So, if you do something deserving of accolades, this committee will speak for you, and Nigerians will celebrate you.

“So when you come back and say you have done N15 billion, then we will say, he has raised revenue from N2 billion to N15 billion.

“That is a quantum lift anywhere any time, we know you can do it, with the passion you displayed today the committee believes you can do it,” he said.

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