Senate Queries SEC For Spending N6bn Out Of Its N9bn Revenue

The Chairman, Senate Committee on Capital Market, Sen. Ibikunle Amosun (APC-Ogun) gave the query when the commission’s Director-General Yuguda Lamido appeared before the committee for 2022 budget defence on Wednesday in Abuja.

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An electronic ticker displays stock prices, including Guinness / Nigeria Plc, Consolidated Hallmark Insurance Plc (Hmarkins), and Honeywell Flour Mill Plc (Honyflour), outside the headquarters of the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

The Senate has queried the Securities and Exchange Commission, SEC, for spending N6 billion out of its N9 billion revenue on salaries and other emoluments.

The Chairman, Senate Committee on Capital Market, Sen. Ibikunle Amosun (APC-Ogun) gave the query when the commission’s Director-General Yuguda Lamido appeared before the committee for 2022 budget defence on Wednesday in Abuja.

Amosun said that it was out of place for SEC to have expended close to 90 per cent of its revenue on salaries and emoluments, according to the News Agency of Nigeria (NAN) report.

“Your emolument was almost N6 billion out of the N9 billion and other expenses. So clearly, you are spending almost all of the revenue that comes to you on staff emolument and other related things.

“You should give us the number of staff that you have in the commission such that we need to look at what is happening.

“You are having a huge deficit of almost N4 billion. When you continuously make this deficit year in, year out, then something is wrong,” he said.

Sen. Kashim Shettima (APC- Borno) a member of the committee enquired about measures taken to jerk up revenue of the committee and trim down expenses.

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“You are 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,” he said.

Similarly, Sen. Ayo Akinyelure (PDP-Ondo) expressed worry about SEC’s staff emolument saying that the revenue of the commission may not even be enough to service the staff.

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“We will be interested in having details on this, because you just came on board but civil servants are there until 35 years or 60 years before they will retire.

“Your organisation is not a charitable organisation. You are suppose to trade in the market, regulate the market, make enough income, make sure all your workers are fine,” he said.

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