The Nigerian upper legislative arm, the Senate has expressed rage over how the Nigerian Securities and Exchange Commission (SEC) expended N8billion on annual staff salary.

The Senate Committee on Capital Market frowned at how SEC used the N8billion annual staff salary out of N9billion internal revenue of the agency.

Chairman of the Committee, Senator Ibikunle Amosun, frowned at the expenses made by the Commission as a result of “top heavy salaries.”

According to Daily Post, Amosun expressed the discontent of the Committee on Tuesday when the top management of SEC appeared for the 2022 budget defence before the Committee.

The Director-General of SEC, Mr. Yuguda Lamido reacting to inquiries on revenue generation, disclosed that staff salaries of SEC remained at N6 billion with other overhead totalling about N8 billion.

But the Chairman of the Committee 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 such that we need to look at what is happening. If you generate about N9 billion and almost N8 billion is purely for servicing the staff, you are having a huge deficit of almost N4 billion. When you continuously make this deficit, year in, year out, then something is wrong”, he said.

While the Senate through its Committee on Capital Market felt it was wrong for SEC to have spent close to 90% of revenues made in the 2021 fiscal year on staff salaries and emoluments, SEC denied being frivolous on the spending of revenues made.

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