Nigerian Senate on Wednesday expressed displeasure with the Securities and Exchange Commission, (SEC) over the alleged spending of 90 percent of revenues made by the commission largely on salaries and emoluments of its staff.
The Senate Committee on Capital Market, chaired by Senator Ibikunle Amosun, believes it was wrong for SEC to have expended close to 90 percent of revenues made in the 2021 fiscal year on staff salaries and emoluments, but the commission denied being frivolous on spending of accrued revenues.
Presenting the 2022 budget of the commission, Director General of the SEC, Yuguda Lamido said “a total of =N=11.
5billion was projected as revenue for 2021 out of which =N=2.
689billion was realised as at June with the hope of making more before the year runs out.
“Total recurrent expenditure for 2021 was budgeted at =N=13.
53 billion but the actual expenditure was =N=4.
063 by the end of June.
Our budgeted deficit was =N=5.
173 billion but the actual deficit as at end of September was =N=2.
834 due to funding of it from our reserve.
“Though revenue performance is still weak but series of innovations like newly introduced charges for secondary Investors, will boost it up from 2022 fiscal year and beyond.
In giving room for more financial inflow, Lamido said the commission is planning to retire about 152 top management staff with fat salaries which will pave way for recruitment of fresh workers with consequent less financial burden on the commission.
Chairman of the senate committee however, frowned at the expenses made by the commission from its generated revenues.
“Your emolument was almost N6billion out of the N9billion and other expenses.
So, clearly you are spending almost all of the revenues that come to you on staff emolument and other related things.
“You are having a huge deficit of almost N4 billion.
When you continuously make this deficit, year in, year out, then something is wrong,” Senator Amosun stressed.
Senate frowns at SEC over 90% revenue spending