Nigeria’s Consumer Protection Body Target’s N14.3b Revenue For 2023
The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that it is targeting N14.3 billion in revenue for 2023.
This was made known by the Executive Vice Chairman, FCCPC, Mr. Babatunde Irukera, recently at a hearing on the 2023-2050 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) organised by the House of Representatives Committee on Finance in Abuja.
The FCCPC boss noted that before assuming office in April 2017, the commission had zero remittance into government coffers, however, under his watch at the end of 2017, about N41 million was remitted, and N34 million was also remitted at the end of 2018.
Irukera 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.
In 2021, about N1.3 billion was remitted while in 2022, about N1.26 billion had been so far remitted.
According to FCCPC, “In the process of leaving the government treasury, as of today with the budget performing at 70 per cent, we have received N163 million in overhead, N296 million in the capital, and not a naira is waiting to be swept at the end of the year; that’s about N500 million.
“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, I feel relatively confident that we will be close to 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,’’ he said.
Commenting on the issues of expenditures raised by the committee in an earlier sitting, Irukera said that hazard allowances were paid to members of staff who went out on surveillance and enforcement.
He said that they were exposed to so many dangers, especially when they faced loan sharks and digital lenders that sent defamatory messages in the country.
Members of the committee congratulated Irukera for the feat so far achieved by the commission under his leadership.
In his remarks, the Chairman of the committee, Rep. Abdullahi Saidu (APC-Niger), said that in the banking sector when a member of staff met a target of one billion Naira, the next day a two billion naira target was given.
“If you do that, let the committee know so that we have a reference point for other agencies appearing before us. If you do that, I assure you, the country will celebrate you; I know we are not too good at celebrating achievers, but this assembly has given people awards in our chambers.”
“So if you do something deserving of the accolade, this committee will speak for you, and Nigerians will celebrate you.”
“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.”
“That is a quantum lift anywhere any time, we know you can do it, with the passion you displayed today the committee believes you can do it.”