FCCPC Generates Over N56bn, Remits N22.4bn Into Govt Coffers

The Federal Competition and Consumer Protection Commission(FCCPC) has said that it raked in over N56bn as Internally Generated Revenue(IGR) in 2023.

The Executive Vice Chairman of the FCCPC, Mr Babatunde Irukera, stated this at a strategic media engagement organised by the Commission in Abuja.

He said that during the period, the Commission remitted N22.4bn to government treasury, noting that over 90 per cent of the IGR was generated from penalties imposed on various companies and organisations.

He revealed that the Commission has become self-funded since the beginning of 2023, as it has vacated from government annual budgetary provisions.

He said, “In December 2022, we were given the license to become an autonomous agency. Before this government budget for us in the year under review was N1.3bn.

“This amount was used to service salaries which accrued to N633m and a balance of N700m was returned. Also, we realised the sum of N5bn in revenue and remitted N2.6bn to the federal government.

“One year after FCCPC was licenced to become an autonomous agency, we generated a revenue of N56bn and remitted N22.4bn to the government”.

Giving the overview of the Commission’s budgets since 2017 when he assumed Office as the Executive Vice Chairman , Irukera said the Commission got N1bn as budget from the Federal Government and generated N154m as revenue in that year.

He said the Commission got N3.2bn, N1.3bn from government budget in 2018 and 2019 respectively and generated N377m as IGR in 2019.

The Executive Vice Chairman said that in 2020, the Commission’s budget from the Federal Government was N887m, and it generated N864m as an IGR.

He also urged the media on the importance of factual reportage and its effects on the economy.

“An understanding and discerning media is the major tool for regulation, and with the efforts of the media, we will move to speed” the FCCPC boss said.

He explained that businesses must be held accountable and the commission believes in consequences.

”What makes the market stable is holding businesses accountable. The consequence management system is what we have adopted,” he added.

He expressed satisfaction that the fight against fraudulent money lenders is yielding fruit, adding that their activities must be regulated.