As government agencies are beginning to declare financial statements for the 2020 fiscal year, new records are set and some are broken. The Corporate Affairs Commission yesterday, Monday 11th, 2020 announced a revenue generation of N19bn for its 2020 fiscal year.
It also announced a total remittance of N2.7bn to the consolidated revenue account of the Federal Government making it the first of its kind for the agency.
The Registrar-General, CAC, Garba Abubakar, told journalists in Abuja that the commission had also settled all its tax obligations, adding that the obligations were negotiated downwards by the commission’s management.
This feat according to the Registrar-General was achieved after the commission blocked areas of leakages to its revenue generation drive explaining that about 85 percent of the N6bn liability of commission which he inherited had been paid.
To ensure the integrity CAC records, the commission had directed a revalidation exercise for all its accredited customers, The revalidation exercise would last till March 31 this year, as anyone who fails to validate their records would not be able to transact business with CAC.
His full statement,
“We have settled all our tax obligations. The tax obligations were over N1.2bn when I took over and we were able to re-negotiate and have paid N700m and got a discount of about N500m to N600m,”
“For the first time, we were able to pay an operating surplus of over N2.7bn to the Federal Government. If not for the outstanding liabilities, the operating surplus would have been more than N5bn.”
“We had a projected revenue target in 2020 of N18.2bn and we closed the year with over N19bn,” Abubakar stated.