FCCPC grew IGR from N154m to N56bn in 6 years – Irukera

The Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Barr. Babatunde Irukera, has said the commission has grown its revenue base from N154 million in 2017 to N56 billion in 2023. Irukera, who stated this yesterday at an interactive session with journalists in Abuja, revealed that the commission is now self-funded after […]

The Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Barr. Babatunde Irukera, has said the commission has grown its revenue base from N154 million in 2017 to N56 billion in 2023.

Irukera, who stated this yesterday at an interactive session with journalists in Abuja, revealed that the commission is now self-funded after it requested to be excluded from the annual budgetary funding from the federal government.

He said, “In 2017 when I took over the commission which was then Consumer Protection Council (CPC), we had a budget of N1 billion and about N511m was personnel cost. What was released by the federal government was N796m and our internally generated revenue IGR was N154m.

“Afterwards in 2018, the budget jumped to N3.3 billion which was the largest ever and  N2.1 billion was released and out of the amount, N519m was personnel cost.

“In 2019-, the budget dropped to N1.3bn and N518 million was personnel cost. The same year, 2019, was the year we commenced full operations after the FCCPA was signed to transform us to FCCPC and we generated an IGR of N377 million which was the highest so far.

“Again, in 2020, the government-approved budget was N887m of which N582m was salaries and personnel cost and we were able to generate N864m as IGR.

“By 2021, N1.8 billion was approved for the agency and it generated N4 billion and gave the government N1.8bn and by 2022, N1.3bn was our budget out of which N633m was personnel cost which means half of the budget was personnel cost. We didn’t touch operational and personnel costs. We made N5.2bn and remitted N2.6bn to the government.

“That was when we went to the National Assembly and said we want to take care of ourselves and become self-funded, so the government said starting January 2023 we will become self-funded,” he explained.

Irukera said the FCCPC welcomes the new announcement by the minister of Aviation for airlines to start paying compensation for flight delays and cancellations.