The National Assembly has officially backed the Securities and Exchange Commission (SEC) in its initiative to bolster fiscal health through operational efficiency and increased revenue. During a 2026 revenue oversight session in Abuja, Hon. Saeed Musa Abdullahi, Deputy Chairman of the House Committee on Finance, praised the Commission’s progress and encouraged them to keep improving. He noted that the committee is focused on boosting agency performance during Nigeria’s current economic difficulties rather than finding fault. Furthermore, he challenged the SEC to beat its 2026 revenue goals by at least 20 percent.
SEC Director-General Dr. Emomotimi Agama clarified that the Commission operates independently of federal budgetary support. Instead, it funds itself through capital market revenue while regularly remitting funds to the government. Dr. Agama explained that these remittances are subject to automatic deductions at the Central Bank of Nigeria before the SEC can access its remaining capital. To maintain operations without overburdening market participants, the SEC received approval from the Minister of Finance to retain 20 percent of its revenue via a statutory deduction waiver.
Looking ahead, Dr. Agama highlighted that the SEC is modernizing its oversight capabilities. The Commission has secured an African Development Bank grant to implement a new market surveillance system later this year, aiming to bring Nigerian market practices in line with global standards.
