The National Assembly has commended the Securities and Exchange Commission (SEC) for improving its fiscal sustainability through stronger revenue generation and prudent financial management.
The commendation was given by the Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.
Speaking during the engagement, Abdullahi praised the leadership of the SEC for its performance over the years.
“DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well,” he said.
He stressed that the revenue monitoring exercise was not intended to target or intimidate any government agency but to encourage improved performance, particularly as Nigeria continues to grapple with fiscal challenges.
“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,” he added.
Abdullahi also challenged the Commission to outperform its revenue target for 2026.
“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,” he said.
Responding, the Director-General of the SEC, Dr Emomotimi Agama, said the Commission operates as a financially independent regulator in line with the standards 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 automatically made once the Commission’s revenue is paid into its account with the Central Bank of Nigeria (CBN).
“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 explained.
The SEC boss further disclosed that the Commission obtained approval from the Minister of Finance to retain 20 per centof its internally generated income to support its 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.
Agama also revealed that the Commission had secured a grant from the African Development Bank to deploy a modern market surveillance system before the end of the year, a move aimed at strengthening oversight and enhancing transparency in Nigeria’s capital market.
