In 2023, the Federal Competition and Consumer Protection Commission (FCCPC) of Nigeria reported an impressive Internally Generated Revenue (IGR) of N56 billion. This milestone was disclosed by Babatunde Irukera, the Executive Vice Chairman of FCCPC, during a media event themed “Reflections on the road so far, and road ahead” in Abuja.
Irukera highlighted that a substantial 90 percent of the IGR was amassed from penalties, with N22.4 billion being remitted to the Federal Government. He emphasized the importance of holding businesses accountable, stating that stability in the market is achieved through the enforcement of consequences when businesses err. While the FCCPC aims to enforce accountability, its intention is not to shut down businesses, but to ensure that market distortions are met with appropriate repercussions.
Analyzing the Commission’s financial history, Irukera revealed that in 2017, FCCPC received a government budget of N1 billion and generated an IGR of N154 million. Subsequently, in 2018 and 2019, the FCCPC received N3.3 billion and N1.3 billion as government budgets, along with IGR of N377 million. The trend continued in 2020, with a government budget of N887 million, and an IGR of N864 million. In 2021, the approved government budget increased to N1.8 billion, resulting in an IGR of N4 billion, with N1.6 billion remitted. In 2022, despite a government budget of N1.3 billion, FCCPC’s IGR soared to N5.2 billion, of which N2.6 billion was remitted.
Notably, as of January 1, FCCPC no longer relies on the Federal Government’s budgetary provisions, marking a significant shift in their financial independence. Irukera emphasized the importance for companies to establish their own complaints resolution platforms to address consumer-related issues proactively.
The FCCPC’s remarkable financial growth and proactive approach underscore its pivotal role in fostering transparency and accountability in Nigeria’s business landscape. These achievements position the FCCPC as a vital entity in safeguarding consumer rights and promoting fair market practices. Such financial success not only bolsters the Commission’s operational capacity but also reflects its commitment to upholding ethical business conduct.
