The Federal Competition and Consumer Protection Commission (FCCPC) has announced a target revenue of N14.3 billion for 2023.
This was disclosed by Mr Babatunde Irukera, the Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC), on Monday 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.
The FCCPC Chief added that by 2021, N1.3 billion was remitted by the commission, while in 2022, N1.26 billion has been remitted so far.
What the FCCPC chief is saying
Irukera noted that before April 2017, the FCCPC did not remit its revenue to the FG, however, since the end of 2017, N41 million was remitted and that N34 million was also remitted at the end of 2018.
He noted that 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, adding that by 2021, N1.3 billion was remitted while in 2022, about N1.26 billion had been so far 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.
“As at this year, we have given the government N1.2 billion and we will give more; our revenue target for 2023 is N14.3 billion, I feel relatively confident that we will be close or hit the target.
“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,’’ Irukera said.
Irukera said that hazard allowance was paid to members of staff who went out on surveillance and enforcement, stating that 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.
He also noted that more money needed to be spent on building enterprise management systems to keep commerce running as a result of COVID-19, which will eliminate paperwork and file movement as a merger of two companies could be fully done online among others.
In case you missed it
- Nairametrics reported last month that the Federal Competition and Consumer Protection Commission (FCCPC) has barred all financial technology companies (FinTechs) from providing payment or transaction services to online money lenders under its investigation.
- The identified FinTechs such as Flutterwave, Opay, Paystack and Monify were said to be operating payment systems and providing services to such online lenders under its investigation or not operating with applicable regulatory approvals.
This is where our leaders always miss the point.
This commission primary aim was to make sure consumers get values for their money and well protected on whatever they procured and not set up to generate revenue only. We are in an era where goods are advertised for what it cannot deliver, fake products full everywhere and when you return fake goods you bought the seller refused to replace it or return the money. This commission need to wake up.