Lamido Yuguda, director-general of the Security and Exchange Commission (SEC), says the agency’s expenditures on salaries and pensions have outstripped its revenue.
Appearing before the senate committee on finance on Thursday in Abuja, Yuguda said as of June 2021, the agency’s revenue performance was N2.8 billion but it had an expenditure of N4.45 billion.
The DG said the commission’s total cost for personnel for 2021 was N10 billion, adding that the COVID-19 pandemic adversely affected the agency’s revenue.
“As of the end of June 2021, our revenue performance was actually N2.8 billion while our total expenditure was N4.45 billion and the deficit was N1.77 billion,” he said.
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“Our expenditure is more than our total receipts. The total revenue of the SEC has been badly affected by the market meltdown and the COVID-19 pandemic.
“Most of our expenditure are staff cost because we have a staff strength of 544. The cost includes salaries and pension paid to retired workers.
“The total personnel cost that was projected at N10.32 billion for 2021 but that has been taken into consideration, the N2.3 billion budgeted for early retirement programme which has not happened.
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“We have a N6 billion investment that has been financing the deficit over the years. ”
On his part, Solomon Olamelekan, chairman of the finance committee, expressed concern that the commission could go bankrupt soon.
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