FCCPC records impressive growth as it remits N22bn to Fed account
By Felicia Nwosu
The Competition and Consumer Protection Commission (FCCPC) has released its financial record with a positive and an impressive growth in its revenue which amounted to over N56 billion in 2023.
Babatunde Irukera, the Executive Vice Chairman of FCCPC made this known in Abuja, recently.
The EVC disclosed that 90 per cent of the Internal Generated Revenue (IGR) came as payments made from penalties by defaulting companies in the country.
“In 2023, our internally generated revenue is already N56 billion and we have remitted to the government N22.4billion and for me what this demonstrates is the real possibility of our country. Our possibilities are absolutely limitless.
“All our revenue, at least 90 per cent is from penalties. We believe that the market should be unlocked and businesses should be allowed to operate well and should thrive.
“But we also believe in consequences of infractions and businesses must be held accountable; if we don’t hold people accountable, we can’t promote good behaviour,” he said.
The FCCPC boss modestly gave details of the commission’s previous financial status and recalled that it stood at an annual income of about N154 million.
“Prior to 2017, the FCCPC had a budget of N1billion from the Federal Government. Of this amount, N511million was the personal cost and salaries of 240 employees at the time. What was released was N796million. Our internally generated revenue was N154million.
“In 2018, the agency had a huge jump in the budget from the treasury and it got a budget of N3.3billion and that is the largest, of which N2.1billion was released,” he said.
According to him, in 2022, the government budgeted N1.3billion for the agency and N633million was personal cost but the agency didn’t touch a single kobo of the operational and capital votes.
He added that the commission for the first time operated independently without interference in 2023 , with a personnel cost that hovered from N633m to about N2.5bn.
He explained that this brought a sharp increase to FCCPC personnel cost which went up four times without an increase in number of staff but salaries were improved.
“The only thing the government paid that year was salaries. In that year, the agency made N5.2billion and remitted to the government the sum of N2.6billion.
“By this time, we had indicated to go out of the budget because we could take care of ourselves. We went to the government and got approval to leave the treasury and so in December 2022, the government said starting from January 2023, we would be taken off the budget.”
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