SEC to downsize workforce over revenue shortfall

26 May SEC to downsize workforce over revenue shortfall

The Director-General of the Securities and Exchange Commission (SEC) Lamido Yuguda has hinted that the Commission will downsize its workforce to cut cost.

Yuguda, who was represented by Ibrahim Boyi, SEC executive commissioner for corporate services, disclosed this on Tuesday when he appeared before the House of Representatives committee on finance.

There has been concern over poor remittance of revenue by ministries, department and agencies (MDAs) into the federation account.

This has affected the monthly allocation to states by the federation accounts allocation committee (FAAC).

The panel was mandated by the house to investigate MDAs’ revenue remittances into the federation account.

Speaking on the decision, the SEC commissioner said the move will enable the commission become more sustainable and will improve its revenue generation.

“Unfortunately, almost 80 percent 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 percent of our staff are from senior managers,” he said.