The Federal Competition and Consumer Protection Commission, FCCPC says it generated a revenue of 56 billion Naira in 2023.
The Executive Vice Chairman, Mr Babatunde Irukera who disclosed this during a media engagement with Journalists in Abuja said out of the revenue of 56 billion Naira, the commission remitted the sum of 22.4 billion Naira to the government.
According to him, “this December marks the end of the first year of a completely autonomous agency, not on the budget at all, what is most interesting about that, is that our 633 million naira salary Payroll Expense for approximately the same number of people moved from 600 million naira to about 2.5 billion naira this year.”
While giving the progress report of the Commission, Mr Irukera said; “In 2019 the budget from the federal government was 1.3 billion naira of which 580 million was personnel cost, but internally generated revenue in its first year had doubled from the 2017 it had come to 377 million naira of which we remitted almost 100 million to the federal government.”
“2020 being the first full year, but a COVID year the Treasury budget dropped to 887 million naira less than a billion naira and in that same year, the eternally generated revenue rose to 864 million naira.”
“So by 2021 the government budget for us was 1.8 billion naira, but in that our own revenue had risen to 4 billion naira and so we remitted to the government 1.6 billion naira and in 2022 was again 1.3 million naira was our budget and our revenue was 5 billion naira,” he added.
Mr Irukera explained that the Commission gets its revenue from service performance also known as merger notification and rest of the revenue comes from penalties from those who do the wrong things.
The FCCPC boss urged the media to call out companies not living up to their responsibilities as it also serves as a regulatory tool.
