CAC raked in N19bn IGR in 2020

CAC raked in N19bn IGR in 2020

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 News Agency of Nigeria (NAN) yesterday in Abuja.

According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded 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 operation 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 government,’’ he added.