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    Home»Business Matters»Senate, SEC trade battles over spending of revenues on salaries

    Senate, SEC trade battles over spending of revenues on salaries

    Business Matters By Temitope N.Nov 18, 2021No Comments1 Min Read
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    The Senate has battled with Securities and Exchange Commission (SEC) overspending of revenues made by the commission largely on salaries and emoluments of its staff.

    Securities and Exchange Commission
    Securities and Exchange Commission

    The Senate, through its Committee on Capital Market, said it was wrong for SEC to have expended close to 90 per cent of revenues made in the 2021 fiscal year on staff salaries and emoluments. SEC, however, denied being frivolous on the spending of revenues made.

    Disagreement between the commission and Senate on revenues made came about after presentations made by Director-General of SEC, Yuguda Lamido, to the Committee on Capital Market on-budget performance of the agency in 2021 and projections for 2022.

    Yuguda in his presentation, said, “A total of N11.5 billion was projected as revenue for 2021 out of which N2.689 billion was realised as at June with the hope of making more before the year runs out.

    See also  US dollar outshines euro, British pound amid anticipated FED meeting

    “Total recurrent expenditure for 2021 was budgeted at N13.53 billion but the actual expenditure was N4.063 by the end of June.

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