NASS commends SEC on fiscal sustainability, revenue growth

Nigeria's National Assembly has commended the Securities and Exchange Commission (SEC) for its strong financial performance and revenue generation. The Deputy Chairman of the House Committee on Finance, Hon. Saeed Musa Abdullahi, lauded the SEC during a 2026 Revenue Monitoring Exercise, stating the commission has "done significantly well" and urging them to "keep the flag flying."

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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.

Abdullahi emphasized that the exercise aims to improve agency performance, particularly during Nigeria's fiscal challenges. He challenged the SEC to surpass its 2026 revenue projection by at least 20 percent. "We believe you can do more," he stated.

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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.

Responding, SEC Director-General Emomotimi Agama highlighted the commission's financial independence, aligning with International Organization of Securities Commissions (IOSCO) principles. He clarified that the SEC does not receive government funding but instead contributes to it, with all operational funds derived from the market. Agama explained that statutory deductions are automatically processed by the government upon revenue deposit.

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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.

Agama also revealed that the SEC secured ministerial approval to retain 20 percent of its income for operational support, ensuring regulatory functions are not hindered. Additionally, the commission obtained an African Development Bank grant to implement a modern market surveillance system.

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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.