Despite zero budgetary allocation, the Federal Competition and Protection Commission (FCCPC) of Nigeria has generated a total of N56 billion in 2023.
The agency remitted about N22.4 billion to the federal government, saying the value demonstrated the possibility of accountability and transparency in government business.
It added that most of the sum (about 90 percent) was generated from sanctions and penalties against companies and organisations that flout its Act.
Recall that the objectives of the Act are to promote and maintain competitive markets, protect and promote the interest and welfare of consumers and prohibit restrictive or unfair business practices that prevent, restrict, or distort competition among others.
Giving the details yesterday at a strategic media engagement held in Abuja, the FCCPC Executive Chairman, Babatunde Irukera said:
“I am glad that there are no cases in court today proving that FCCPC is oppressive… We are also proud to say that in 2021, N1.8 billion was budgeted for the agency but the government only released N1.2 billion while we recorded a N4 billion in internally generated revenues (IGR). In 2022, we were given a budget of N1.3 billion while N633 million went into salaries and overheads.”
He further enumerated some of the activities of the Commission in the fight against illegal and deceitful digital money lenders who have often conned consumers.
He expressed joy that the fight against fraudulent money lenders is yielding fruit, adding that their activities must be regulated.
