FCCPC’s Revenue Surges to N56bn, Remits N22.4bn to Fed Govt
By Patience Ikpeme
The Federal Competition and Consumer Protection Commission (FCCPC) disclosed that it amassed a total of N56 billion in Internally Generated Revenue (IGR) in 2023, out of which N22.4 billion was remitted to the Federal Government.
This announcement came from Mr. Babatunde Irukera, the Executive Vice Chairman of FCCPC, during a strategic media engagement organized by the Commission in Abuja on Thursday.
Irukera highlighted that a significant 90% of the IGR stemmed from penalties imposed on various entities, emphasizing the Commission’s commitment to ensuring accountability within the business sphere.
“Market stability hinges on holding businesses accountable. Our approach is rooted in a consequence management system. While our aim isn’t to shutter businesses, it’s crucial they understand that actions without consequences aren’t admissible,” he emphasized.
Examining the Commission’s financial trajectory, Irukera detailed its budgetary evolution since 2017, noting a remarkable growth in revenue generation. From a government budget allocation of one billion naira in 2017, the Commission garnered an IGR of N154 million. This figure soared to N377 million in 2019 from a government budget of N1.3 billion.
Highlighting a particularly impressive milestone in 2021, Irukera highlighted that the agency generated N4 billion while remitting N1.6 billion, surpassing the N1.3 billion government allocation. Similarly, in 2022, the Commission’s IGR reached N5.2 billion against a government budget of N1.3 billion.
He emphasized, “Since January 1, 2023, the Commission has operated independently of federal government budgetary provisions, contributing significantly with an IGR of N56 billion and remitting N22.4 billion to the government.”
Irukera stressed the importance of corporate responsibility, urging companies to establish dedicated complaints resolution platforms to swiftly address consumer-related issues.
This surge in revenue underscores a potential for growth and financial stability, signifying a positive outlook for the country’s economic landscape.
