The Security and Exchange Commission, (SEC), said it was considering an option that would help it reduce the cost of governance by downsizing its workforce.
Speaking when he appeared before the House of Representatives Committee on Finance monitoring and investigating revenue remittances by the Ministries, Department and Agencies of government into the public coffers, the Director-General of SEC, Lamido Yuguda represented by the Executive Commissioner, Corporate Services, Ibrahim D. Boyi said 80 percent of the agency’s cost was expended on staff, especially the management cadre.
He said: “This is the evidence of the Accountant General’s office. Like I said, we have reconciled fully up to 2018 and, you know, in 2020 there’s a new directive by the Federal Government that whether you are self funding agency or not, 25% of Revenue that hits your TSA will be deducted and that has been going on and we are also going to factor that into our subsequent reconciliation with the office of the Accountant General.”
He disclosed that the commission would likely end up with some deficits because of revenue shortfalls between 2019 and now.
He said:”Mr. Chairman, I am part of the Executive Management. So, I’m fully involved with most of those initiatives. There are two forms of approaches. One is to see how to boost-widen the revenue of the commission.Two is also how to reduce the cost of the commission.
“Unfortunately, almost 80% of our cost is staff cost. So, we need to find a way of chopping off that cost and I think work is already going on. We are top heavy, almost 50% of our staff are from senior managers. So, that’s the mandate I think we have taken as management and the board and I’m sure in a matter of a few months, we’ll be able to come up with a solution but the idea really is to make the Commission more sustainable and make sure that our revenue is capable of catering for our needs going forward,” he said.
