The Senate on Thursday, raised the alarm that the Security and Exchange Commission, was gradually becoming insolvent and could go bankrupt very soon.
The red chamber gave the verdict when the director general of the nation’s capital market regulator, Lamido Yuguda, appeared before the Senate Joint Committees on the 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy.
The Executive Secretary said the agency had a total revenue target of N11bn for 2021 but with a projected expenditure of N16.7bn giving a deficit of N5.17bn
He said, “As of the end of June 2021, our revenue performance was actually N2.8bn while our total expenditure was N4.45bn and the deficit was N1.77bn.
“Our expenditure is more than our total receipts. The total revenue of the SEC has been badly affected by the market meltdown and the COVID-19 pandemic.
“Most of our expenditure are staff cost because we have a staff strength of 544. The cost includes salaries and pension paid to retired workers.