Members of the Senate Committee on Capital Market lampooned the Securities and Exchange Commission (SEC) for spending N8 billion of its revenues to service staff.
The lawmakers, during the 2022 budget defence session at the National Assembly, said it was out of place for SEC to expend about 90% of its revenues in the 2021 fiscal year on staff salaries and other emoluments.
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The Director General of SEC, Yuguda Lamido, in his presentation, said, “A total of N11.5bn was projected as revenue for 2021 out of which N2.689bn was realised as at June with the hope of making more before the year runs out.
“Total recurrent expenditure for 2021 was budgeted at N13.53bn but the actual expenditure was N4.063bn by the end of June.
“Our budgeted deficit was N5.173bn but the actual deficit as at end of September was N2.834bn due to funding of it from our reserve.
“Though revenue performance is still weak but series of innovations like newly introduced charges for secondary investors will boost it up from the 2022 fiscal year and beyond.”
However, trouble started when the Director General was queried on the commission’s nominal roll and staff emolument.
The chairman of the committee, Senator Ibikunle Amosun (APC, Ogun) said, “You generate about N9bn and almost N8bn is purely for servicing the staff.
Senator Kashim Shettima (APC, Borno) said SEC was “already bleeding and this bleeding will continue and if care is not taken, you will reach a point where you cannot even service your obligation.”
Senator Ayo Akinyelure (PDP, Ondo) expressed worry about SEC’s staff emolument that almost every year, the income it generates may not even be enough to service the staff.
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