National Assembly has tasked the Securities and Exchange Commission (SEC) to surpass its 2026 revenue target by at least 20 per cent, following commendation of the commission’s efforts to strengthen its finances through cost-cutting measures and improved revenue generation.

Deputy Chairman of the House of Representatives Committee on Finance, Saeed Musa Abdullahi, gave the charge yesterday during the 2026 Revenue Monitoring Exercise with the SEC in Abuja.

Abdullahi said the committee had monitored the commission’s progress over the years and acknowledged its efforts to improve its fiscal sustainability despite the country’s financial challenges.

He said the exercise was not aimed at witch-hunting government agencies but at ensuring better performance, especially amid the country’s fiscal challenges.

Earlier, the Director General of the SEC, Dr Emomotimi Agama, said the commission operates largely on revenue generated from the capital market and does not receive budgetary allocations from the Federal Government.

Agama said the financial independence of securities regulators was consistent with the principles of the International Organisation of Securities Commissions (IOSCO), which expects regulators to have adequate resources to carry out their functions effectively.

According to him, although the SEC does not receive direct government funding, it continues to remit funds to the government from its earnings.

Agama said the commission had been careful not to place additional financial burdens on capital market operators through higher regulatory charges, as doing so could affect market development.

He disclosed that the SEC secured approval from the Minister of Finance for a waiver that allows the commission to retain 20 per cent of its income after statutory deductions to support its operations.

The SEC boss also disclosed that the commission had secured a grant from the African Development Bank to acquire a modern market surveillance system.

He said the system, which is expected to be deployed this year, would strengthen the SEC’s ability to monitor activities in the capital market and bring Nigeria’s market surveillance framework closer to international standards.