Security and Exchange Commission (SEC), said it was considering an option that would help it reduce the cost of governance.
Lamido Yuguda, director-general of SEC, who appeared the House of Representatives Committee on Finance monitoring and investigating revenue remittances by the Ministries, Department and Agencies (MDAs) of government into the public coffers, said 80 percent of the agency’s cost was spent on staff, especially the management cadre.
The DG was represented by Ibrahim D. Boyi, executive commissioner, Corporate Services, said: “This is the evidence of the Accountant General’s office. Like I said, we have reconciled fully up to 2018 and, you know, in 2020 there’s a new directive by the Federal Government that whether you are self funding agency or not, 25% of Revenue that hits your TSA will be deducted and that has been going on and we are also going to factor that into our subsequent reconciliation with the office of the Accountant General.
“Unfortunately, for SEC for 2019, 2020 and this year, we’re likely to end up with some deficits because of revenue shortfalls. “Mr. Chairman, I am part of the Executive Management. So, I’m fully involved with most of those initiatives. There are two forms of approaches. One is to see how to boost-widen the revenue of the Commission.
Two is also how to reduce the cost of the Commission.
“Unfortunately, almost 80% of our cost is staff cost. So, we need to find a way of chopping off that cost and I think work is already going on. We are top heavy, almost 50% of our staff are from senior managers. “So, that’s the mandate I think we have taken as management and the board and I’m sure in the matter of a few months, we’ll be able to come with a solution but the idea really is to make the Commission more sustainable and make sure that our revenue is going forward.”