The head of FCCPC reports that the commission has generated N56 billion in 2023
On Thursday, the Federal Competition and Consumer Protection Commission announced the generation of N56 billion as Internally Generated Revenue in 2023. Babatunde Irukera, the Executive Vice Chairman of FCCPC, revealed this information during a media engagement with the theme "Reflections on the road so far, and road ahead" in Abuja.
Irukera further disclosed that 90 percent of the Internally Generated Revenue was derived from penalties, with N22.4 billion remitted to the Federal Government. He emphasized the importance of holding businesses accountable and imposing appropriate consequences when they commit errors.
"The key to market stability lies in holding businesses accountable. We have embraced a consequence management system. Our intention is not to shut down businesses, but they must understand that if you neglect your responsibilities, there are repercussions. Distorting the market comes with consequences," he explained.
Examining the Commission's budget from 2017, Irukera stated that the agency received a government budget allocation of N1 billion and generated an Internally Generated Revenue (IGR) of N154 million in that particular year.
He mentioned that the commission received N3.3 billion and N1.3 billion as government budget in 2018 and 2019, respectively, with an IGR of N377 million in 2019.
The executive vice chairman explained that in 2020, the commission's government budget was N887 million, and it achieved an IGR of N864 million.
"By 2021, the government approved a budget of N1.8 billion for the Commission, and the agency generated N4 billion, remitting N1.6 billion. In fact, the amount released by the government from the treasury that year was N1.3 billion, so the agency contributed more money to the government than it received.
"In 2022, the government budget for the agency was N1.3 billion. The agency did not utilize any operational or capital expense funds; instead, it generated N5.2 billion and remitted N2.6 billion," Irukera stated.
He also mentioned that the commission has not relied on Federal Government budgetary provisions since January 1.
"In 2023, our Internally Generated Revenue (IGR) reached N56 billion, and we remitted N22.4 billion to the government," Irukera stated, highlighting the potential within the country.
He emphasized the importance of companies taking responsibility and establishing their independent complaints resolution platforms to address consumer-related issues.
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