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Senate Rejects 2025 Budget Proposal For Investments And Securities Tribunal

Senate Rejects 2025 Budget Proposal For Investments And Securities Tribunal
  • PublishedJanuary 24, 2025

The Senate Committee on Capital Market, on Thursday, rejected the 2025 budget proposal of the Investments and Securities Tribunal due to errors in the figures and items presented.

Chairman of the Committee, Osita Izunaso (APC, Imo West), announced the rejection following a motion moved by Seriake Dickson (PDP, Bayelsa West) and seconded by Aliyu Wadada (SDP, Nasarawa West).

The rejection occurred during the tribunal’s budget defense session.

Izunaso instructed the Chairman of the Investments and Securities Tribunal, Amos Azi, to return on Friday (today) by noon to re-present a corrected version of the budget.

Moving the motion, Dickson said, “Mr Chairman, at any point that pleases you, I think they can return to correct whatever has to be corrected and meet with the leadership of this committee.”

Following scrutiny by the lawmakers, Azi apologized for the discrepancies observed in the budget document.

Earlier, Izunaso emphasized the tribunal’s critical role in resolving disputes arising from transactions in the capital market.

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

“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.”

Izunaso further noted that the committee would focus on the tribunal’s plans to enhance its operations, expand its reach, and address emerging challenges in the capital market while reviewing the budget.

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Meanwhile, the Minister of Art, Culture, and Creative Economy, Hannatu Musawa, outlined an ambitious plan to position Nigeria’s creative industry as a major economic driver.

Musawa, who received overwhelming support from the National Assembly Committee on Arts, Culture, and Creative Economy for an increased budget, expressed the ministry’s commitment to contributing $100 billion to Nigeria’s GDP by 2030.

This would be achieved through targeted reforms, infrastructure development, and strategic partnerships.

She highlighted the sector’s vast potential for driving economic growth and job creation, citing its transformative impact on the lives of young Nigerians. As an example, she pointed to events such as “Detty December” in Lagos, which she said demonstrated the industry’s significant contributions to the economy.

“Every single part of Nigeria is bursting with creative talent. This is real estate for the country and the ministry,” Musawa said.

She explained that the ministry’s strategy focuses on creating an enabling environment for the creative sector to thrive while securing external funding to complement government support.

“So far, the ministry has attracted funding from partners like Afrexim Bank, Big Win, as well as the United Arab Emirates (UAE) and Saudi governments,” she noted.

Musawa revealed that, in addition to the $100 billion GDP target, the ministry is collaborating with Big Win to create two million jobs by 2027.

However, she stressed the need for adequate government funding to achieve these goals, adding that the current budget allocation is insufficient.

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