FCCPC rakes N56bn revenue in 2023, remits N22.4bn to FG

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*Seeks partnership with media to curb consumers’ abuse

By Augustine Aminu and Mathew Dadiya

The Federal Competition and Consumer Protection Commission (FCCPC), has revealed that it generated N56 billion as Internally Generated Revenue (IGR) in 2023 and remitted N22.4 billion to the Federation Account despite its establishment as a non-revenue generated agency.

Executive Vice Chairman, Babatunde Irukera disclosed this at a Strategic Media Engagement with the theme, “Reflection on the Road so far and Road Ahead,” organised by the Commission on Thursday in Abuja.

Irukera, who is a legal practitioner, said that 90 per cent of the IGR was gotten from penalties, appealing to the media sector to partner with the agency in curtailing the ills in consumers’ affairs in the country.

According to him, we believe that businesses must be held accountable and we believe in consequences.

”What makes the market stable is holding businesses accountable, and 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 lose. You cannot distort the market and expect that there will be no consequences,” he said.

Analysing the budget of FCCPC since 2017, Irukera said the agency got one billion naira as budget from the government and generated N154 million as IGR in that year.

He said the Commission got N3.3 billion, N1.3 billion as government budget in 2018 and 2019 respectively, while it realized N377 million as IGR in 2019.

Irukera further disclosed 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.

“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.

He said the Commission had since January 1, exempted itself from the Federal Government’s annual budgetary provisions thereby becoming an autonomous agency.

“In 2023, our IGR is N56 billion and we remitted to the government N22.4 billion,” adding that the development demonstrated the possibility of the country.

The Executive Vice Chairman reiterated the need for companies to take responsibility and create their stand-alone complaints resolution platforms to resolve consumer related issues rather than making the public heap FCCPC with limitless complaints.

Irukera, who emphasized on the importance of the partnership with the journalists, said, “the partnership of holding companies accountable is key.”

He said that 90 percent of their revenue come from penalties, saying however, that one of the FCCPC staff who connived with a company and compromised information from the Commission, has been prosecuted by the agency.