SEC Records N2.5bn Half-Year Surplus

The Securities and Ex change Commission, SEC, yesterday, said it recorded a surplus of N2.5 billion in the first half of 2022.

The Commission had projected an annual deficit of N1.6 billion for 2022 at the beginning of the year.

Speaking at the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper, MTEF/FSP interactive session with the House of Representatives Committee on Finance, Director General of SEC, Mr. Lamido Yuguda, said the Commission 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.

Yuguda, according to a statement by the Commission, said that 2020 and 2021 were particularly difficult times for the SEC as it was running a deficit.

SEC statement said, “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.

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“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”.

According to Yuguda, although the Commission makes more money when the economy is buoyant, he also stated that due to the current shape of the economy, there was the need to cut costs to ensure.

Photo Caption:

L-R: Head Finance and Accounts Securities and Exchange Commission(SEC), Mr Abubakar Gaya; Director General, SEC, Mr. Lamido Yuguda; Executive Commissioner Corporate Services SEC, Mr. Ibrahim Boyi and Head External Relations SEC Mr. Mohammed Waziri Bagudu during an interactive session on 2023-2025 MTEF/FSP by the House of Representatives Committee on Finance at the National Assembly in Abuja  Thursday.

Post Author: Friday Ekeoba