NASS Hails SEC For Revenue Growth, Cost-cutting Amid Fiscal Challenges

The National Assembly has commended the Securities and Exchange Commission (SEC) for improving its fiscal sustainability through cost-cutting measures and enhanced revenue generation.

The commendation was given on Tuesday during the 2026 Revenue Monitoring Exercise with the Commission in Abuja by the deputy chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi.

Abdullahi praised the SEC’s financial performance and charged it to do even better in 2026.

According to him, 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.

“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 challenged the Commission to surpass its 2026 revenue projection by at least 20 per cent, 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.”

Earlier, the director-general, SEC, Dr. Emomotimi Agama told the committee that in line with IOSCO principles, securities regulators are expected to operate independently.

He disclosed that the SEC currently receives no budgetary allocation from the federal government and funds its operations solely from income generated in the capital market, while still remitting funds to government.

“The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama said.

He explained that once revenues hit the Commission’s account with the Central Bank of Nigeria, statutory deductions are made automatically before SEC can access the balance. We do not have access to the funds before the deductions are effected,” he noted.

To ease financial pressure, Agama said the Commission secured approval from the Minister of Finance for a 20 per cent waiver on deductions to ensure its regulatory operations are not hindered.

He said, “as regulators we are not expected to ask the market for money.”

The SEC boss also said that the Commission had secured a grant from the African Development Bank to acquire a modern market surveillance system, expected to be deployed this year.

The system, he said, will strengthen oversight of Nigeria’s capital market and align it with international standards.

The House Committee said it would continue to monitor revenue-generating agencies to ensure efficiency, transparency, and improved contribution to the Federation Account.