FCCPC Generates N56bn in Revenue, Remits N22bn
FCCPC Generates N56bn in Revenue, Remits N22bn
By Prosper Okoye
The Federal Competition and Consumer Protection Commission (FCCPC) has disclosed that 56 billion Naira was generated in 2023.
Speaking at a media engagement in Abuja, the Executive Vice Chairman of FCCPC, Babatunde Irukera, stated that 90 per cent of the Internally Generated Revenue (IGR) came through the payment of penalties by defaulting companies in the country.
“In 2023, our internally generated revenue is already N56 billion, and we have remitted N22.4 billion to the government. For me, what this demonstrates is the real possibility of our country. Our possibilities are absolutely limitless. All our revenue, at least 90 per cent, is from penalties. We believe that the market should be unlocked, businesses should be allowed to operate well and should thrive. But we also believe in the consequences of infractions, and businesses must be held accountable; if we don’t hold people accountable, we can’t promote good behaviour,” Irukera explained.
He further revealed that before he took over the mantle of leadership of the organization, annual income was about N154 million.
“Prior to 2017, the FCCPC had a budget of N1 billion from the Federal Government. Of this amount, N511 million was the personal cost and salaries of 240 employees at the time. What was released was N796 million. Our internally generated revenue was N154 million.
“In 2018, the agency had a huge jump in the budget from the treasury and got a budget of N3.3 billion, the largest of which N2.1 billion was released,” he added.
He further explained, “In 2022, the government budgeted N1.3 billion for the agency, and N633 million was personal cost, but the agency didn’t touch a single kobo of the operational and capital votes. The only thing the government paid that year was salaries. In that year, the agency made N5.2 billion and remitted N2.6 billion to the government.
“By this time, we had indicated to go out of the budget because we could take care of ourselves. We went to the government and got approval to leave the treasury. So, in December 2022, the government said starting from January 2023, we would be taken off the budget. 2023 is our first year of being on our own, and now our personnel cost has hovered from N633 million to about N2.5 billion. Essentially, our personnel cost went up four times. We didn’t increase the number of staff, but salaries were improved,” he said.
Irukera also called for media collaboration given the limited size of the FCCPC and the barriers to reaching the entire Nigerian population.
