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.
In a statement issued by the Director-General of the agency, Mr Lamido Yuguda on Sunday and made availability to DAILY POST, he said the 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 coffees 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 expressed assurances that in two years to come, the profit of the Commission would bounce back to normalcy, notwithstanding that SEC was superintending the market that was badly affected by the pandemic.
He said, “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.”
SEC said it needed the support that would make it to realise its target, adding that it has planned early retirement of staff in order to tackle over bloating welfare.
Explaining the difficulty faced by the Commission, the statement noted that it has raised a lot of revenue drives to keep the Commission afloat, insisting that the high overhead costs was being reduced aggressively.
Yuguda said. “It has reduced because we have since we came, aggressively looked at the overhead and staff cost and reduced certain components of our staff pay that has generated over N2bn of savings as at now.”