90% of N56 billion Generated by FCCPC in 2023 came from Penalties

The Federal Competition and Protection Commission (FCCPC) said it generated a total of N56 billion in 2023 so far.

Out of the sum, the agency remitted about N22.4 billion to the federal government, saying the value demonstrated the possibility of accountability and transparency in government business.

FCCPC said these were achieved despite zero budgetary allocation.

It said about 90 per cent of the sum came from sanctions and penalties against companies and organisations that flout its Act.

Recall that the objectives of the Act are to promote and maintain competitive markets, protect and promote the interest and welfare of consumers and prohibit restrictive or unfair business practices that prevent, restrict or distort competition among others.

, Babatunde Irukera, the FCCPC Executive Chairman, gave the details, Thursday, at a strategic media engagement held in Abuja.

“I am glad that there are no cases in court today proving that FCCPC is oppressive… We are also proud to say that in 2021, N1.8 billion was budgeted for the agency but the government only released N1.2 billion while we recorded a N4 billion in internally generated revenues (IGR). In 2022, we were given a budget of N1.3 billion while N633 million went into salaries and overheads,” he said.