Dr Rabiu Olowo who is the Chief Executive Officer of the Financial Reporting Council (FRC) during a meeting with the House of Representatives Committee on Commerce, whose members were on an oversight function visit to the agency has requested for the removal of 50 per cent direct deduction from its revenue by the federal government, saying it is impeding the operational capacity of the agency carrying out operational activities with no budgetary allocation.
In his words, “We are a regulator and not a revenue-generating agency. We drive corporate behavioural change. We are not supposed to be revenue-focused. We are supposed to be helping organisations and stakeholders drive towards compliance.”
He added that “We are more of a technocratic agency. We need high quality people who are trained, who we can retain because each and every one of them has attained the highest in their professions, so they can go to any bank or development finance agencies, but they are staying here because of their passion.
Finally, there was the legislative assistance for the passage of the Nigerian Actuarial Chartered Bill into law to enhance professional actuarial practice in Nigeria in line with global best practice
