The Securities and Exchange Commission (SEC) on Wednesday told the House of Representatives that out of its N5.2billion revenue projection for 2016, it was only able to realise N2.9billion, of which 80 per cent has been spent.
SEC Director-General, Mr. Munir Gwarzo, who stated this when he appeared before the House Committee on Capital Market and other Institutions to defend the 2016 budget of the commission, disclosed that it suffered a N2.1billion revenue deficit this year.
He explained to Mr. Tajudeen Yusuf-led committee that the commission projected N5.2bn, but was only able to realise N2.9bn due to turbulence in the Capital Market.
“We are going through very turbulent period and the state of capital market affects our projection of N5.2bn as revenue for 2016. But, we got N2.9bn, which shows that we are short of what we budgeted,” Gwarzo said.
According to him, the setup of the Treasury Single Account and a drop in penalties on infractions affected the revenue projection. He added that the commission was yet to pay a courier firm N72million for a contract on the supply of some items.
However, the House committee queried SEC’s decision to spend 80 per cent of the revenue it got when it failed to meet up with its revenue projection.
A member from Kano State, Mr. Danburam Nuhu, pointed out that while SEC only generated N2.9bn instead of N5.2bn, it had already spent 80 per cent of the N2.9bn.
“Your revenue projection of N5.2bn was not achieved but you have achieved about 60 per cent of expenditure. My worry is that you are not bullish enough on the revenue, but you are on the side of expenditure by achieving 80 per cent,” Nuhu noted.
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