SEC gets National Assembly backing on fiscal sustainability drive
Agama said the SEC receives no budgetary allocation from the Federal Government, relying entirely on internally generated revenue from the capital market while continuing to remit funds to the government.
He explained that statutory deductions are made automatically once the Commission’s revenue is paid into its account with the Central Bank of Nigeria (CBN), before the SEC can access the funds.
According to him, the SEC obtained approval from the Minister of Finance to retain 20 per cent of its revenue through a waiver on statutory deductions.
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