The Competition and Consumer Protection Commission (FCCPC) has reported substantial growth in its revenue, reaching over N56 billion in 2023. The Executive Vice Chairman of FCCPC, Babatunde Irukera, shared this achievement during a media engagement in Abuja, highlighting that 90% of the Internal Generated Revenue (IGR) was derived from penalties imposed on non-compliant companies in the country.
“In 2023, our internally generated revenue is already N56 billion, and we have remitted N22.4 billion to the government. What this demonstrates is the real possibility of our country. Our possibilities are absolutely limitless,” stated Irukera.
He emphasized that the majority of their revenue came from penalties, emphasizing the importance of holding businesses accountable for any infractions. Irukera noted that before he assumed leadership, the annual income was a mere N154 million.
“Prior to 2017, the FCCPC had a budget of N1 billion from the Federal Government. In 2018, the agency’s budget increased significantly to N3.3 billion, of which N2.1 billion was released,” explained Irukera. He highlighted that in 2022, the agency made N5.2 billion and remitted N2.6 billion to the government, signaling their financial independence.
In 2023, the FCCPC operates independently for the first time, having been taken off the government budget. Irukera mentioned that despite an increase in personnel costs from N633 million to about N2.5 billion, the agency did not increase its staff numbers; instead, salaries were improved.
This financial success underscores the FCCPC’s commitment to promoting a thriving business environment while ensuring accountability through penalties for violations.