The Federal Competition and Consumer Protection Commission, FCCPC, says it generated N56 billion as Internally Generated Revenue in 2023.
The Executive Vice Chairman of FCCPC, Babatunde Irukera, revealed this on Thursday at a media engagement with the theme, “Reflections on the road so far, and road ahead” in Abuja.
Irukera also revealed that 90 percent of the IGR was raised from penalties and that N22.4 billion was remitted to the Federal Government.
He noted that businesses must be held accountable and appropriate consequences when they err.
“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.
Irukera while analysing the Commission’s budget since 2017, said the agency got N1 billion as budget from the government and raked an IGR of N154 million in that year.
According to him, the Commission received 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 explained 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.
“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 added that the Commission had since January 1, vacated the Federal Government’s budgetary provisions.
He restated the need for companies to take responsibility and create their stand-alone complaints resolution platforms to resolve consumer-related issues.
