The Federal Competition and Consumer Protection Commission (FCCPC) announced that it generated N56 billion as Internally Generated Revenue (IGR) in 2023, of which 90% was derived from penalties against companies and businesses.
Mr. Babatunde Irukera, the Executive Vice Chairman of FCCPC, shared this information during a strategic media engagement held by the Commission in Abuja on Thursday.
He explained that the commission remitted N22.4 billion to the federation account.
He said,
- “What makes the market stable is holding businesses accountable. Consequence management system is what we have adopted.”
- “We are not trying to close businesses, but they must know that if you snooze, you lose.”
- “You cannot distort the market and expect that there will be no consequences,”
Budget and IGR since 2017
Examining the Commission’s budgetary allocations since 2017, Irukera revealed that the agency received a government budget of N1.0 billion and generated an Internally Generated Revenue (IGR) of N154 million in that year.
In 2018 and 2019, the Commission received government budgets of N3.3 billion and N1.3 billion, respectively, while accruing an IGR of N377 million in 2019.
Furthermore, in 2020, the Commission’s government budget amounted to N887 million, accompanied by an IGR of N864 million.
He said,
- “By 2021, the government approved a budget of N1.8 billion to the Commission and the agency generated N4 billion and remitted N1.6 billion.”
- “What the government released from the treasury that year for the agency was N1.3 billion, so the agency gave the government more money than it got from it.”
- “In 2022, the government budget was N1.3 billion for the agency, the agency did not touch a single kobo of the operational or capital expense, the agency made N5.2 billion and remitted N2.6 billion”
- “In 2023, our IGR is N56 billion, and we remitted to the government N22.4 billion.”
He emphasized the importance of companies taking responsibility and establishing their independent complaint resolution platforms to address issues related to consumers.
