The National Assembly has commended the Securities and Exchange Commission (SEC) for improving its revenue generation and maintaining prudent financial management, describing the Commission’s performance as a positive step toward strengthening fiscal sustainability.
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.
Addressing the SEC management, Abdullahi praised the Commission’s progress over the years and encouraged it to sustain the momentum.
“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 explained that the revenue monitoring exercise was not intended to target any government agency but to encourage improved performance, particularly as Nigeria continues to face fiscal challenges.
Abdullahi also urged the Commission to exceed its 2026 revenue target, expressing confidence in its capacity to generate more income than projected.
According to him, the SEC should aim to surpass its revenue projection by at least 20 percent.
Responding, the Director-General of the SEC, Dr. Emomotimi Agama, reaffirmed the Commission’s financial independence, noting that its operations are funded entirely by the capital market in line with the principles of the International Organization of Securities Commissions (IOSCO).
He said the Commission does not receive financial support from the Federal Government but instead contributes revenue to government coffers.
“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,” Agama said.
He explained that once the Commission’s revenue is paid into its account with the Central Bank of Nigeria, statutory deductions are automatically made before the SEC can access the funds.
According to Agama, the Commission obtained approval from the Minister of Finance to retain 20 percent of its internally generated revenue to support its regulatory activities.
He noted that the waiver enables the SEC to perform its oversight responsibilities effectively without relying on funding requests from market participants.
The Director-General also disclosed that the Commission has secured a grant from the African Development Bank to deploy a modern market surveillance system this year, a move expected to strengthen market oversight and improve regulatory efficiency.
