FCCPC targets N14.3 billion revenue in 2023, says VP
M Babatunde Irukera, executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), said on Monday that the commission had a revenue target of 14.3 billion naira for 2023.
Irukera made this known during a hearing on the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) organized by the House of Representatives Finance Committee in Abuja.
The FCCPC boss said that before taking office in April 2017, the commission had no payments into government coffers.
Irukera said that under his leadership by the end of 2017, about 41 million naira had been handed over and 34 million naira had also been handed over by the end of 2018.
He said that in 2019, after the Establishment Act was amended, N98 million was handed over and the commission withdrew from treasury funding and became self-funded.
The FCCPC coxswain said that in 2021, about 1.3 billion naira had been handed over while in 2022, about 1.26 billion naira had been handed over so far.
“Leaving the Treasury like today with a budget at 70%, we have received 163 million naira in overheads, 296 million naira in capital and not a single naira is waiting to be swept away at the end of the year ; it is around 500 million naira. Like this year, we gave the government 1.2 billion naira and we will give more; our revenue target for 2023 is 14.3 billion naira, I am relatively confident that we will be close to or hit the target.
“However, we have to find a balance, we are not a revenue-generating agency and we must not be portrayed or perceived as doing our job so that revenue comes in.
“We will lose our credibility and it will affect the economy,” he said.
Reacting to expense issues raised by the committee in an earlier session, Irukera said hazard pay was paid to staff members who went on surveillance and enforcement.
The FCCPC boss said they were exposed to so many dangers, especially when faced with loan sharks and digital money lenders sending defamatory messages around the country.
According to him, they are among the agencies that have remained at work throughout the COVID-19 lockdown, so they are work hazards.
Irukera said the increase in the insurance premium from three million to 30 million naira was due to the fact that before his arrival, the “commission acted irresponsibly about the insurance which was corrected” .
“They were buying new cars and insuring third party so there was a risk of loss, but now we insure all vehicles comprehensively.
“We take all the appropriate insurance to make sure that not only are people comfortable, but we make sure that if there is any loss of government property, we don’t have to pay for it,” he said. he declared.
He explained that more money needed to be spent on creating business management systems to keep the business going in the wake of COVID-19.
He said the system had almost eliminated paperwork and movement of files because a merger of two companies could be done entirely online, among other things.
Committee members commended Irukera for the feat achieved so far by the commission under his leadership.
The chairman of the committee, Rep. Abdullahi Saidu (APC-Niger), said that in banking, when a staff member reaches a target of one billion naira, the next day a target of two billion naira is reached. fixed.
“If you do this, let the committee know so that we have a point of reference for other agencies appearing before us, as I have already done for example with Professor Is-haq Oyelede of the Joint Admission and Matriculation Board (JAMB).
“If you do this, I assure you, the country will celebrate you; I know we’re not too good at celebrating successful people, but this assembly has rewarded people in our rooms.
“So if you do something worth praising, this committee will speak for you, Nigerians will celebrate you.
“So come back and say you made 15 billion naira and then we will say he increased his income from two billion to 15 billion naira.
“It’s a quantum lift anywhere and anytime, we know you can do it, with the passion you showed today, the committee believes you can do it,” he said. -he declares.