FCCPC’s Vigilant Stance Nets N56 Billion: 2023 Sees Record IGR Surge from Business Penalties

Infostride News reported that the Federal Competition and Consumer Protection Commission (FCCPC) declared a substantial achievement, revealing an Internally Generated Revenue (IGR) of N56 billion in 2023. Notably, an overwhelming 90% of this revenue was sourced from penalties imposed on various companies and businesses. This revelation came to light during a strategic media engagement in Abuja, led by Mr. Babatunde Irukera, the Executive Vice Chairman of FCCPC.

Mr. Irukera underscored the pivotal role of accountability in maintaining market stability. He emphasized that the commission’s approach is not aimed at shutting down businesses but rather at instilling a sense of responsibility. According to him, the adoption of a consequence management system is essential, making it clear that businesses must be aware that negligence or distortion of the market will not go without repercussions.

The executive highlighted the Commission’s commitment to remitting funds to the federation account, disclosing that a substantial N22.4 billion had been contributed in this regard. He iterated, “What makes the market stable is holding businesses accountable. Consequence management system is what we have adopted. We are not trying to close businesses, but they must know that if you snooze, you lose. You cannot distort the market and expect that there will be no consequences.”

Delving into the financial history of the Commission since 2017, Mr. Irukera shared insights into budgetary allocations and IGR trends. In 2017, the Commission operated on a government budget of N1.0 billion, concurrently generating an IGR of N154 million. Subsequently, in 2018 and 2019, the government allocated budgets of N3.3 billion and N1.3 billion, respectively, while the IGR reached N377 million in 2019.

Moving to 2020, the Commission’s government budget amounted to N887 million, complemented by an impressive IGR of N864 million. The fiscal year 2021 marked a significant development, with the government approving a budget of N1.8 billion for the Commission. Remarkably, the agency generated N4 billion in IGR and remitted N1.6 billion, surpassing the funds received from the government.

Highlighting the financial prowess of the Commission in 2022, Mr. Irukera noted that the government allocated a budget of N1.3 billion, with the agency not utilizing a single kobo of the operational or capital expense. In this period, the Commission generated a substantial N5.2 billion in IGR and remitted N2.6 billion to the government.

Undoubtedly, the pinnacle of financial success for the FCCPC was in 2023, where the IGR soared to an impressive N56 billion. Demonstrating a commitment to fiscal responsibility, the Commission remitted N22.4 billion to the government. This showcased a substantial increase in both revenue generation and contribution to the federation account.

Throughout these years, Mr. Irukera consistently emphasized the importance of companies proactively taking responsibility for their actions. He advocated for the establishment of independent complaint resolution platforms within companies to address consumer-related issues. This aligns with the Commission’s broader mission of ensuring fair business practices, consumer protection, and overall market integrity.

In conclusion, the FCCPC, as reported by Infostride News, has not only demonstrated fiscal resilience and responsibility but has also succeeded in creating a robust system of accountability within the business landscape. The substantial increase in Internally Generated Revenue over the years reflects the Commission’s commitment to its mandate and its pivotal role in fostering a fair and transparent market environment.