FCCPC targets N14.3 billion revenue in 2023, says vice chairman

Babatunde Irukera, the executive vice chairman, Federal Competition and Consumer Protection Commission (FCCPC), says the commission had a target revenue of N14.3 billion for 2023.

Mr Irukera said this at a hearing on the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) organised by the House of Representatives Committee on Finance in Abuja.

“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,” Mr Irukera said. “I feel relatively confident that we will be close or hit the target.”

The FCCPC boss said before assuming office in April 2017, the commission had zero remittance into government coffers.

Mr Irukera said under his watch at the end of 2017, about N41 million was remitted and that N34 million was also remitted at the end of 2018.

He said 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.

The FCCPC helmsman said in 2021, about N1.3 billion was remitted, while in 2022, about N1.26 billion had been remitted.

“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.

“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,” he said.

Reacting to issues of expenditures raised by the committee in an earlier sitting, Mr Irukera said hazard allowance was paid to members of staff who went out on surveillance and enforcement.

The FCCPC boss said they were exposed to so many dangers, especially when they faced loan sharks and digital lenders that sent defamatory messages in the country.

According to him, they are one of the agencies that remained at work throughout the COVID-19 lockdown, so they are hazards of the job.

Mr 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”.

“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.

Members of the committee lauded Mr Irukera for the feat achieved by the commission under his leadership.

The chairman of the committee, Abdullahi Saidu (APC-Niger), said in the banking sector, when a member of staff met a target of N1 billion, the next day, a N2 billion target was given.

“If you do that, let the committee know so that we have a reference point for other agencies appearing before us like I earlier made example of Prof. Is-haq Oyelede of the Joint Admission and Matriculation Board (JAMB).

“If you do that, I assure you, the country will celebrate you; I know we are not too good in celebrating achievers, but this assembly has given people awards in our chambers.

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

(NAN)