Politics
Nigerians Reaction As FCCPC Head Discloses-N56 Billion In 2023 Revenue (Details)

Irukera disclosed that 90 percent of the IGR was derived from penalties, with N22.4 billion remitted to the Federal Government. Emphasizing the importance of holding businesses accountable, he stated that consequences must be applied when they err. He clarified that the goal is not to shut down businesses but to ensure that they understand the repercussions of market distortion.
Analyzing the Commission’s budget from 2017 onwards, Irukera highlighted that the agency received N1 billion as the government budget in that year, generating an IGR of N154 million. Subsequently, the budget increased to N3.3 billion and N1.3 billion in 2018 and 2019, respectively, with an IGR of N377 million in 2019.
In 2020, the government budget for the commission was N887 million, and it achieved an IGR of N864 million. In 2021, with a government-approved budget of N1.8 billion, the agency generated N4 billion, remitting N1.6 billion. In 2022, despite a government budget of N1.3 billion, the FCCPC generated N5.2 billion and remitted N2.6 billion.
Highlighting the Commission’s financial independence, Irukera noted that since January 1, the FCCPC had operated without relying on the Federal Government’s budgetary provisions. He emphasized that the 2023 IGR of N56 billion, with a remittance of N22.4 billion to the government, underscores the country’s potential.
Additionally, Irukera reiterated the importance of companies establishing their stand-alone complaints resolution platforms to address consumer-related issues responsibly.
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