Reps applaud SEC’s fiscal reforms, revenue growth

Reps applaud SEC’s fiscal reforms, revenue growth

The House of Representatives has commended the Securities and Exchange Commission for enhancing its fiscal sustainability through cost-cutting measures and improved revenue generation.

Deputy Chairman of the House of Representatives Committee on Finance, Saeed Abdullahi, gave the commendation on Tuesday during the 2026 Revenue Monitoring Exercise with the commission in Abuja.

Praising the SEC’s financial trajectory, Abdullahi urged its management to sustain the momentum

and challenged the agency to surpass its 2026 revenue projection by at least 20 per cent.

He said, “DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well.

“This exercise is not to witch-hunt any agency; it is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges.”

Earlier, the Director-General of the SEC, Dr Emomotimi Agama, told the committee that securities regulators are expected to operate independently with government support where necessary, in line with International Organisation of Securities Commissions principles.

Agama revealed that the SEC receives zero budgetary allocation from the Federal Government, relying entirely on income generated from the capital market while continuing to remit funds to the government.

“Going by IOSCO principles, the SEC is expected to be financially independent.

The government is supposed to provide support for the running of the commission.

“However, due to the paucity of funds, all the money used to fund the commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama explained.

He noted that statutory deductions are automatically effected by the government once revenues enter the commission’s account with the Central Bank of Nigeria, leaving the SEC with no prior access to the funds.

To ease operational pressure without overburdening market operators with extra fees, Agama disclosed that the SEC secured approval from the Minister of Finance for a waiver allowing it to retain 20 per cent of its income.

He added that the commission has secured a grant from the African Development Bank to acquire a modern market surveillance system, set for deployment this year to strengthen oversight of Nigeria’s capital market and align it with global standards.

Source: https://punchng.com/reps-applaud-secs-fiscal-reforms-revenue-growth/