The Corporate Affairs Commission generated N19bn for the year 22020. The commission noted that of the amount it remitted N2.7bn to the consolidated revenue account of the Federal Government.
The Registrar-General, CAC, Garba Abubakar, disclosed to journalists that the CAC had met its tax obligations, noting that the tax was negotiated downwards by the commission’s management.
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“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,” he said.
Abubakar added, “For the first time we were able to pay 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.”
The CAC chief stated that the commission exceeded revenue generation, target by nearly N1bn.
He stated that raking in the excess revenue was made possible by plugging areas of leakages.
“We had a projected revenue target in 2020 of N18.2bn and we closed the year with over N19bn,” Abubakar stated.
He explained that about 85 percent of the N6bn 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.
