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The Senate expressed reservations at the Securities and Exchange Commission, (SEC), for spending N8 billion to service its staff out of the N9 billion it generates every year.
The Senate raised the alarm when the SEC director-general, Lamido Yuguda appeared before the Senator Ibikunle Amosun(APC, Ogun Central) led Committee on Capital Market to defend the budget performance of the agency in 2021 and projections for 2022.
During the meeting, the Senate disagreed with SEC over spending of revenues made by the commission largely on salaries and emoluments of staff.
Senator Amosun lampooned the commission following the expenses made from its generated revenues.
He said, “Your emolument was almost N6 billion out of the N9 billion and other expenses.
” So clearly you are spending almost all of the revenue that comes to you on staff emolument and other related things.
” You should give us the number of staff that you have in the commission. We need to look at what is happening.