WorldStage Newsonline– The Federal Competition and Consumer Protection Commission (FCCPC) has confirmed that it raked N56 billion as Internally Generated Revenue (IGR) in 2023 and remitted N22.4 billion to the Federal Government.
Mr Babatunde Irukera, the Executive Vice Chairman of FCCPC said at a strategic media engagement organised by the Commission in Abuja on Thursday that 90 per cent of the IGR was gotten from penalties.
According to him, we believe that businesses must be held accountable and we believe in consequences.
”What makes the market stable is holding businesses accountable. Consequence management system is what we have adopted.
”We are not trying to close down businesses but they must know that if you snooze, you loose.
”You cannot distort the market and expect that there will be no consequences,” he said.
Analysing the Commission’s budget since 2017, Irukera said the agency got one billion naira as budget from the government and raked an IGR of N154 million in that year.
He said the Commission got N3.3 billion, N1.3 billion as government budget in 2018 and 2019 respectively and N377 million as IGR in 2019.
The executive vice chairman said that in 2020, the Commission’s budget from the government was N887 million and it got an IGR of N864 million.
”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.
”As a matter of fact, 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,” Irukera said.
He said the Commission had since January 1, vacated the Federal Government’s budgetary provisions.
”In 2023, our IGR is N56 billion and we remitted to the government N22.4 billion.”
Irukera said the development demonstrated the possibility of the country.
He reiterated the need for companies to take responsibility and create their stand-alone complaints resolution platforms to resolve consumer related issues.
