NASS Commends SEC On Fiscal Sustainability, Revenue Growth

The National Assembly has commended the Securities and Exchange Commission (SEC) for strengthening its fiscal sustainability through improved revenue generation and prudent cost management.

Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, gave the commendation during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.

He added: “This exercise is not to witch-hunt any agency. It is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges.”

The lawmaker challenged the Commission to exceed its revenue target, saying: “You have told us your revenue projection for 2026, but we believe you can do more. We urge you to surpass your projection by at least 20 per cent, or even more.”

Responding, SEC Director-General, Dr Emomotimi Agama, said the Commission remains financially independent in line with the principles of the International Organization of Securities Commissions (IOSCO).

“The SEC does not receive any funding from the government; rather, it pays money to the government. All the money used to run the Commission comes from the market,” he said.

Agama explained that statutory deductions are made automatically once the Commission’s revenue is paid into its Central Bank of Nigeria (CBN) account.

“When these funds hit our account with the CBN, deductions are made directly by the government. We do not have access to the funds before the deductions are effected,” he said.

He disclosed that the Commission secured approval from the Minister of Finance to retain 20 per cent of its income to support operations.

“We are regulators and are not expected to ask the market for money. The 20 per cent waiver ensures our operations are not hindered,” he said, adding that the SEC had also secured an African Development Bank grant to deploy a modern market surveillance system this year.