The Financial Reporting Council (FRC) has sought the removal of 50 per cent direct deduction from its revenue by the federal government, saying it is impeding the operational capacity of the agency.
The agency’s Chief Executive Officer, Dr Rabiu Olowo, stated this during a meeting with the House of Representatives Committee on Commerce, which members were on an oversight function visit to the agency, adding that the agency carried out operational activities with no budgetary allocation.
He said, “We are a regulator and not a revenue-generating agency. We drive corporate behavioural change. We are not supposed to be revenue-focused. We are supposed to be helping organisations and stakeholders drive towards compliance.”
He further said, “We are more of a technocratic agency. We need high quality people who are trained, who we can retain because each and every one of them has attained the highest in their professions, so they can go to any bank or development finance agencies, but they are staying here because of their passion.
- 2027: We are working to bring Kwankwaso, Obi back into our fold – PDP
- Doyin Okupe: Why I dumped Obi for Tinubu
“We need a lot of money to attract the right talents and retain the ones we have. I know how much we have spent this year on capacity building and we have not crashed the surface. When I came in, most of the people were now in management.”
He also sought legislative assistance for the passage of the Nigerian Actuarial Chartered Bill into law to enhance professional actuarial practice in Nigeria in line with global best practice and assistance with advocacy on the Nigeria Public Sector and Not-for-Profit Governance Codes.
The Chairman of the House Committee on Commerce, Ahmed Munir, assured the agency of its total commitment to continued support and fast-tracking legislation that would provide relief to the challenges facing the agency.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
