Senate rejects 2025 budget proposal of investments, securities tribunal over errors

The senate committee on capital market has rejected the 2025 budget proposal of the investment and securities tribunal due to errors in figures and items.

Seriake Dickson, senator representing Bayelsa west, moved a motion to reject the proposal, which the committee supported during the agency’s budget defence.

Aliyu Wadada, chairman of the senate committee, and Osita Izunaso, representing Imo west, seconded the motion to reject the proposal.

Izunaso asked Amos Azi, chairman of the tribunal, to re-present the budget on Friday after supporting the motion.

Dickson noted that Azi publicly admitted to the shortcomings and errors in the proposal on behalf of his team while presenting it.

“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,” he said.

“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.”

The senator said the committee would focus on the tribunal’s plans to enhance its operations and address emerging challenges in the capital market during the 2025 budget review.