NASS Commends SEC for Revenue Growth, Fiscal Discipline

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

The commendation came on Tuesday during the 2026 Revenue Monitoring Exercise held with the Commission in Abuja.

Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, lauded the Commission’s leadership for its performance, urging it to sustain the progress achieved.

He noted that the committee had closely monitored the SEC’s growth over the years and encouraged the Commission to continue delivering strong results.

According to Abdullahi, the revenue monitoring exercise was not intended to witch-hunt any government agency but to promote improved performance, particularly at a time when Nigeria is grappling with fiscal challenges.

The lawmaker also challenged the Commission to exceed its 2026 revenue target, expressing confidence that it could outperform its projection by at least 20 percent.

Earlier, the Director-General of the SEC, Dr. Emomotimi Agama, told the committee that, in line with the principles of the International Organization of Securities Commissions (IOSCO), securities regulators are expected to operate with financial independence, while governments provide support where necessary.

Agama explained that the SEC currently receives no budgetary allocation from the Federal Government, relying entirely on income generated from the capital market to fund its operations while also remitting statutory revenues to the government.

He disclosed that revenues paid into the Commission’s account with the Central Bank of Nigeria (CBN) are subjected to automatic statutory deductions before the SEC can access the funds.

To cushion the impact on the Commission’s operations, Agama said the Minister of Finance approved a waiver allowing the SEC to retain 20 percent of its internally generated revenue.

He explained that the approval was necessary to ensure the Commission could effectively discharge its regulatory responsibilities without operational constraints.

The SEC boss also revealed that the Commission had secured a grant from the African Development Bank to procure a modern market surveillance system.

According to him, the surveillance platform is expected to be deployed before the end of the year to enhance oversight of Nigeria’s capital market and bring its regulatory framework in line with global best practices.