You are currently viewing N19bn revenue generated by CAC in 2020 as COVID-19 pandemic rages — Registrar-General

N19bn revenue generated by CAC in 2020 as COVID-19 pandemic rages — Registrar-General

The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the organisation raked in more than N19 billion as Internally Generated Revenue (IGR) last year.

Abubakar made this known in an interview with the Newsmen on Wednesday in Abuja.

According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded an increase in the registration of businesses and other corporate entities during the year.

“The year 2020 was one of our best years in terms of revenue generation as we recorded a surge in registration above the previous year.

We had a revenue target of N18.2 billion, but we closed here with over N19 billion.

“For the first time in the last 10 years, we are able to give more money to the Federal Government in terms of operating surplus.

“We are hoping that we will meet our target for 2021 because where there is increased compliance by customers, there will be an increase in the revenue for the government.

Transactions are now easily carried out with the electronic system, as you pay through the remittal on our portal, without paper works,” he said.He expressed the hope that the commission would surpass the N20 billion revenue target this year by leveraging on electronic systems transactions for most of its operations.

Abubakar, who was appointed to head the CAC on Jan. 7, 2020, by President Muhammadu Buhari, said the commission had undergone some reforms in the past one year.

The Registrar-General, however, noted that inherited financial liabilities and the COVID-19 pandemic were some of the challenges he faced in steering the affairs of the organization in the past year.

Abubakar said that part of the commission’s agenda for 2021 was to build stronger collaborations with relevant agencies and intensify the enforcement of the provisions of the new CAMA.