Business
SEC Remits N1.5bn Into FG’s Coffers In Six Months – DG
The Securities and Exchange Commission (SEC) has disclosed that it remitted the sum of N1.5 billion into the Federal Government’s account despite the global pandemic challenges.
The regulatory agency which came under the scrutiny of the Senate Committee on Public Account last week stated that it had also unveiled plans to reduce its operating cost.
The Director-General of the agency, Mr Lamido Yuguda, who disclosed this in a statement on Sunday, also said that reduction in operating costs would boost profitability of the agency.
According to the statement, the SEC has been paying 25% of gross revenues into the coffers of the Federal Government, adding that the sum of N1.5 billion remitted as at 31st June, 2021 was a pointer to good days to come.
Yuguda assured that in the next two years, the profit of the commission would bounce back to normal, notwithstanding that SEC was superintending the market that was badly affected by the pandemic.
“If we go through the Medium-Term Expenditure Framework which we started last year, if we look at 2022 and 2023, you will see that we have worked on our expenditure so that by 2023, the deficit will actually turn into a surplus of N1.235bn and by 2024 we should have N2.5bn surplus”, Yuguda stated.
He said SEC needed the support that would make it to realise its target, adding that the commission has planned early retirement of staff in order to tackle over bloating welfare.
Explaining the difficulties faced by the commission, Yuguda disclosed that SEC had raised a lot of revenue to keep the commission afloat, insisting that the high overhead cost was being reduced aggressively.
Business
NPA Assures On Staff Welfare
Business
ANLCA Chieftain Emerges FELCBA’s VP
Business
NSC, Police Boost Partnership On Port Enforcement
-
Opinion5 days ago
Benue Conflicts, Hope At Last?
-
Business5 days ago
NCDMB Charges Host Community Youths On Relevant Skills Development … As Promoters Handover Oloibiri Oil Museum
-
Sports5 days ago
Ronaldo Renews Stay With Saudi Pro League
-
Business5 days ago
ANLCA Chieftain Emerges FELCBA’s VP
-
Niger Delta5 days ago
EFCC Praises NDDC’S Performance … Unveils Projects In Bayelsa
-
News4 days ago
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
-
Opinion5 days ago
Nigerian English As Nation-Building Tool
-
Nation5 days ago
TETFunds’ South Rep Visits CEAPOLY …Unveils Mass Communication Dept Building