CAC generates N19bn, remits N2.7bn to FG’s account

Published January 12, 2021
Corporate Affairs Commission
Okechukwu Nnodim, Abuja
The Corporate Affairs Commission on Monday announced a revenue generation of N 19 bn for its 2020 fiscal year .
It also announced a total remittance of N 2. 7 bn to the consolidated revenue account of the Federal Government .
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 .
“ We have settled all our tax obligations. The tax obligations were over N 1 .2 bn when I took over and we were able to re – negotiate and have paid N 700 m and got a discount of about N 500 m to N 600 m ,” he said .
Abubakar added, “ For the first time we were able to pay operating surplus of over N 2 . 7 bn to the Federal Government . If not for the outstanding liabilities , the operating surplus would have been more than N 5 bn .”
On revenue generation , the CAC boss said the commission surpassed its 2020 target by about N 1 bn .
He said the feat was achieved after the commission blocked areas of leakages to its revenue generation drive .
“ We had a projected revenue target in 2020 of N 18 . 2bn and we closed the year with over N 19 bn ,” Abubakar stated .
He explained that about 85 per cent of the N 6 bn liability of commission which he inherited had been paid .
He said to ensure the integrity CAC records, the commission had directed a revalidation exercise for all its accredited customers.
According to him , 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 .
The CAC helmsman also vowed that no union would close the headquarters of the commission beginning from today ( Tuesday ) , stressing that the industrial crisis at the commission was being addressed.
Abubakar said qualified employees of the commission had been promoted , while most of the pensions arrears of staff had been cleared.

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