The Senate Committee on Capital Market rejected the 2025 budget proposal of the Investments and Securities Tribunal due to errors in the figures and items presented.
By Haruna Salami
The Senate Committee on Capital Market rejected the 2025 budget proposal of the Investments and Securities Tribunal due to errors in the figures and items presented.
Chairman of the Committee, Senator Osita Izunaso (Imo West) announced the rejection of the proposal during the agency’s budget defence by the Chairman, Amos Azi.
Izunaso directed the chairman to return on Friday by 12 noon to re-present the budget.
The decision was sequel to a motion moved by Senator Seriake Dickson (Bayelsa West and seconded by Senator Aliyu Wadada (Nasarawa) West.
Moving the motion, Dickson pointed to the shortcomings and errors in the document, which the chairman, on behalf of his team had owned up to.
“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”.
The chairman of Investments and Securities Tribunal, Mr. Amos Azi after the grilling by the lawmakers apologised for the discrepancies observed in the budget document.
Earlier, 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”.
Therefore, Izunaso ruled that since the Tribunal upholds highest standards in its court, it behooves on it to present error free budget before the National Assembly, adding that they should return by 12 noon Friday with a clean copy.
