Senate Seeks Improved Budgetary Provision for SEC

Date:

July 10, 2024.

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Azonuchechi Chukwu.

The Senate has called for improved budgetary provisions for the Securities and Exchange Commission (SEC). The upper chamber said that N22.40 billion for the commission’s 2024 budget was inadequate given the important role the commission plays in the nation’s prosperity.

The Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso, made the call on Tuesday when the Director-General of SEC, Dr Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget.

Izunaso expressed dissatisfaction that the budget was too small to enable the commission carry out its statutory functions.

“The SEC is regulating a lot things. The budget is too small. Something has to be done. You have to regulate cryptocurrency. Cryptocurrency alone should be able to give you a lot of money,” he said.

Izunaso also tasked the commission on financial literacy calling on the management to provide an item in the budget to deal with financial literacy. “There should be an item in the budget to deal with financial literacy because Nigerians need to be informed.

“You are aware that people have lost confidence in the capital market, in stock because of what happened in the past.

“So, there is the need to regain that confidence. Financial literacy is extremely important,” Izunaso said. Agama while giving the budget estimate said that the commission had a budgetary estimate of N22.40 billion for the 2024 fiscal year.

He said that out of the figure, N11.72 billion was for the total staff cost, while N1.22 billion would be for retirees’ funds scheme. “N6.74 billion is for other recurrent expenditures, while capital expenditure was projected at N1.18 billion,” he said.

He said that the total expenditure stood at N20.85 billion, while surplus and deficit were N1.55 billion. Agama noted that the commission, in 2023, attempted to improve its revenue base with the introduction of various strategies to shore up funds.

He said the commission had in the last two years attempted to reduce its staff strength. Agama said “we are very top-heavy at SEC.”

“We hardly have the middle level staff to do some of the desk work that we ordinarily should do. We have a staff strength of 353 in a commission that takes care of over 200 million persons. That is grossly inadequate for us to be able to do our work very well.

“It is our desire to be able to improve on that staff level by providing enough desk offices that will work round the clock to make sure that the investors are properly taken care of,” he said. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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