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CAC Generates N19bn Revenue In 2020

The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said more than N19bn was raked in as Internally Generated Revenue by the organisation in 2020.

Despite the effect of the coronavirus pandemic, the commission recorded an increase in IGR and surpassed its target of N18bn.

Abubakar was quite by the News Agency of Nigeria: “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.

“Transactions are now easily carried out with the electronic system, as you pay through the remittal on our portal, without paper works,” he said.

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