Senate rejects 2025 budget proposal of Investment and Security Tribunal

The Senate Committee on Capital Market has rejected the 2025 budget proposal of the Investment and Security Tribunal following errors in the figures presented.

Chairman of the Committee, Sen. Osita Izunaso after a motion moved by Sen. Seriake Dickson (PDP-Bayelsa) and seconded by Sen. Aliyu Wadada (SDP-Nasarawa), rejected the proposal during the agency’s budget defence by the Chairman, Amos Azi.

Senator Izunaso directed the Chairman to return on Friday by noon to re-present the budget.

Moving the motion, Dickson said that “Mr Chairman, if you permit, that with the grilling that they have seen, he has also publicly, on behalf of his team, owned up to the shortcomings and errors.

“Therefore, Mr. Chairman, at any point that pleases you, I think they can return back to correct whatever has to be corrected and meet with the leadership of this committee”. He stated.

The Chairman of Investment and Security Tribunal, Mr Amos Azi later apologized for the discrepancies observed in the budget document.

Earlier, Senator Izunaso said that the Investment and Securities Tribunal played a critical role in resolving disputes arising from transactions in the capital market.

“With a mandate to exclusively resolve these disputes, the tribunal has provided comfort and confidence to investors, thereby promoting the growth and development of our capital market.

“In recent years, the tribunal has made significant strides in resolving disputes. Notably, it has resolved disputes worth over N1 trillion since its inception in 2003.

“This is a testament to the tribunal’s commitment to ensuring that our capital market operates with integrity and transparency.

“As we review the 2025 budget proposal, we will be paying close attention to the tribunal’s plans for enhancing its operations, expanding its reach, and addressing emerging challenges in the capital market

In another development, the Senate Committee on Public Accounts has approved the 2025 budget proposal for the Office of the Auditor-General of the Federation (OAUGF).

The committee, chaired by Senator Aliyu Wadada Ahmed (SDP, Nasarawa West), had earlier requested the auditor-general, Shaakaa Kanyitor Chira, to address discrepancies observed in the initial budget presentation on Tuesday.

Following the directive, the Auditor-General re-presented the revised budget on Thursday, which was subsequently approved by the committee.

However, during the session, Chira highlighted the ongoing issue of understaffing in the Auditor-General’s office, revealing the need to recruit 247 additional staff to enhance operations.

Accordingly, this committee has approved the budget for onward submission to the Appropriation Committee.”

In response, the Auditor-General expressed gratitude for the committee’s reconsideration and approval. He noted that the final passage of the budget by the National Assembly would significantly enhance the office’s performance in the 2025 fiscal year.