The management of the Securities and Exchange Commission (SEC) has been commended on decisive steps taken in ensuring that it attains fiscal sustainability.
Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke, stated this at the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper, MTEF/FSP interactive session with the House of Representatives Committee on Finance in Abuja, yesterday.
He expressed his pleasure at the various efforts the commission has taken so far in shoring up its finances, saying, “Last year when you came here, we challenged you to look inwards and return the SEC to sustainability and I am happy you have done that and that you are living up to expectations. I want to commend you for your efforts thus far, while also admonishing you to work harder.”
The director-general of SEC, Mr. Lamido Yuguda, stated that 2020 and 2021, were particularly difficult times for the commission as the SEC was running a deficit.
According to him, “When we came on board, it was very difficult but we assured the National Assembly that we were going to take certain actions to make this deficit a thing of the past and our story this year is that we have actually turned the corner.
“If you look at our 2021 and 2020, compare with the 2022 budget and the 6 months in 2022 you will see that there is an actual improvement in the way we manage the finances of the Commission. It shows our budget for 2022 and the actual out time for the first half of that year. You can see that we projected a deficit of N1.6 billion, but as at the end of the first half, we have a surplus of about N2.5 billion.”
He stated that the presentation is a summary of the kind of efforts the current management has made over the past few years to position the commission on the path of fiscal sustainability.
Yuguda told members that the SEC has so far carried out its promise to reduce the top-heavy structure in the Commission by offering some top personnel a voluntary exit package.
While admitting that the commission has been operating under very difficult circumstances, he assured that steps are being taken to ensure that the fortunes of the SEC continue to improve.
