On Thursday, the Federal Competition and Consumer Protection Commission announced that its Internally Generated Revenue for 2023 amounted to N56 billion.
This was revealed by FCCPC Executive Vice Chairman Babatunde Irukera during a media engagement in Abuja with the topic “Reflections on the road so far, and road ahead.”
Irukera also said that N22.4 billion had been sent to the Federal Government and that 90% of the IGR had come from fines.
He believes that companies that make mistakes should be held responsible and face the proper repercussions.
“What makes the market stable is holding businesses accountable. The 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.
According to Irukera’s analysis of the Commission’s budget since 2017, the organization received N1 billion from the government and generated N154 million in internal revenue that year.
According to him, the commission received N3.3 billion, N1.3 billion, and N377 million in IGR in 2019 from the government budgets for 2018 and 2019, respectively.
According to the executive vice chairman, the commission received an IGR of N864 million in 2020, with a budget of N887 million from the government.
“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.
“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 said.
He further reiterated the need for companies to take responsibility and create their stand-alone complaints resolution platforms to resolve consumer-related issues.
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