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FCCPC targets N14.3bn revenue in 2023

FCCPC targets N14.3bn revenue in 2023
September 12
18:41 2022

The Federal Competition and Consumer Protection Commission (FCCPC), says it aims to generate about N14.3 billion as revenue in 2023.

Babatunde Irukera, the executive vice-chairman, said this on Monday at a hearing on the 2023-2025 medium term expenditure framework/fiscal strategy paper (MTEF/FSP) held by the house of representatives committee on finance in Abuja.

Irukera who gave details on the commission’s spending, said before he assumed office in April 2017, the FCCPC had zero remittance into government coffers.

He said at the end of 2017, the commission had about N41 million remitted and N34 million was also remitted at the end of 2018.

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According to him, 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, about N1.3 billion was remitted while so far in 2022, about N1.26 billion has been remitted.

Irukera said despite the fact that the FCCPC is not a revenue-generating agency, its target for 2023 is N14.3 billion

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“In the process of leaving the government treasury, as of today with the budget performing at 70 percent, 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,” he said.

“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.”

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Irukera who also reacted to issues of expenditures raised by the committee said hazard allowances were paid to members of staff who went out on surveillance and enforcement.

He added that the agency has been exposed to so many dangers, especially when faced with loan sharks and digital lenders that send defamatory messages in the country.

According to him, FCCPC is one of the agencies that remained at work throughout the COVID-19 lockdown.

Irukera said the increase in insurance premium from N3 million to N30 million was because, before his arrival, the “commission acted irresponsibly about insurance which has been corrected.”

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“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,” he said.

“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.

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

The FCCPC boss further said the system had almost eliminated paperwork and file movement as a merger of two companies could be fully done online among others.

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On his part, Abdullahi Saidu, chairman of the committee as well as the members, applauded Irueka for the feat achieved so far by the commission under his leadership.

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

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“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.”

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