As part of measures to boost financial inflow, the Securities and Exchange Commission (SEC) has concluded plans to retire 152 top management staff.
Presenting the agency’s budget performance for 2021 and projections for 2022 before members of the Senate Committee on Capital Market on Wednesday, Director-General of SEC, Yuguda Lamido explained that N11.5 billion was projected as revenue for 2021, of which N2.7 billion was realised as at June, 2021 with the hope of making more before the year runs out.
Explaining further, Lamido said: “Total recurrent expenditure for 2021 was budgeted at N13.53 billion but the actual expenditure was N4.063 by the end of June.
“Our budgeted deficit was N5.173 billion but the actual deficit as at end of September was N2.834 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.”
But, members of the committee expressed dissatisfaction with the SEC DG’s presentation, pointing out that “Your emolument was almost N6 billion out of the N9 billion and other expenses. You are spending almost all of the revenue that comes to you on staff emolument and other related things”
Chairman of the committee, Senator Ibikunle Amosun said: “You should give us the number of staff that you have in the commission such that we need to look at what is happening. If you generate about N9 billion and almost N8 billion is purely for servicing the staff.
“You are having a huge deficit of almost N4 billion. When you continuously make this deficit, year in, year out, then something is wrong.”
