The National Assembly has directed the Securities and Exchange Commission (SEC) to exceed its 2026 revenue target by at least 20 per cent, commending the commission for improving its financial position through cost-cutting measures and enhanced revenue generation.
The Deputy Chairman of the House of Representatives Committee on Finance, Saeed Musa Abdullahi, gave the directive on Tuesday during the 2026 Revenue Monitoring Exercise with the SEC in Abuja.
Abdullahi said the committee had monitored the commission’s performance over the years and acknowledged its efforts to strengthen fiscal sustainability despite the country’s economic challenges.
He explained that the revenue monitoring exercise was not intended to witch-hunt government agencies but to encourage improved performance, particularly in view of Nigeria’s fiscal constraints.
Responding, the Director-General of the SEC, Dr Emomotimi Agama, said the commission operates primarily on revenue generated from activities in the capital market and does not receive budgetary allocations from the Federal Government.
Agama noted that the financial independence of securities regulators aligns with the principles of the International Organisation of Securities Commissions (IOSCO), which require regulators to have adequate resources to perform their statutory responsibilities effectively.
He added that although the SEC does not receive direct government funding, it continues to remit part of its earnings to the Federal Government.
According to Agama, the commission has deliberately avoided increasing regulatory charges on capital market operators to prevent placing additional financial burdens on stakeholders and to support market development.
He disclosed that the SEC had secured approval from the Minister of Finance to retain 20 per cent of its income, after statutory deductions, to fund its operations.
The SEC Director-General also revealed that the commission had obtained a grant from the African Development Bank to procure a modern market surveillance system.
He said the system, which is expected to be deployed later this year, would enhance the commission’s ability to monitor activities in the capital market and align Nigeria’s market surveillance framework more closely with international best practice.
