Exclusive: Securities And Exchange Commission plans to allocate ₦3.9 billion for … – Secret Reporters

As January concludes, numerous government bodies and institutions have fulfilled their obligation of appearing before the National Assembly to justify their 2025 budgets, consistent with constitutional requirements. One of these entities, the Securities and Exchange Commission (SEC), was present before a joint session of the Senate and the House of Representatives Committee on Finance to outline its revenue forecasts and expenditure strategies.

An internal document acquired exclusively by SecretsReporters discloses the SEC’s anticipated total revenue for the fiscal year 2025 to be ₦51.491 billion. The bulk of this revenue is expected to be derived from market transaction charges, estimated at ₦18.5 billion, and collective investment schemes, projected at ₦16.8 billion. Notwithstanding, the Commission’s total planned expenditure for the year amounts to ₦46 billion, which raises concerns regarding fiscal prudence within the organization.

A detailed review of the budget breakdown of the SEC has uncovered seemingly excessive allocations and questionable expenditures. For instance, ₦2.2 billion has been earmarked for local training, and a striking ₦2.3 billion set aside for computer software and hardware maintenance. Surprisingly, an additional ₦1.8 billion has been assigned for the acquisition of new computer software and hardware. This significant allocation for maintenance coupled with planned new purchases raises queries about the necessity of such a substantial sum for upkeep when new acquisitions are already slated.

Further examination of the document reveals that the Commission intends to allocate ₦1.13 billion towards seminars and conferences, ₦2.3 billion for local travel, and ₦1.1 billion for foreign travel. Foreign training expenses alone are expected to swallow ₦3.8 billion, and maintenance expenses for motor vehicles, furniture, and equipment combined are estimated at ₦3.9 billion. These allocation figures have aroused suspicions concerning possible financial mismanagement within the SEC, especially given the current economic climate in the country.

The SEC, tasked with supervising Nigeria’s capital market and ensuring transparency and efficiency in financial transactions, was instituted to regulate and oversee market operators, including stockbrokers, investment advisers, and issuing houses. Nevertheless, the inflated allocations within its 2025 budget cast doubt on the organization’s dedication to fiscal responsibility.

Numerous industry experts and stakeholders have called upon the National Assembly to delve deeper into the SEC’s budget, thereby thwarting any potential misuse of public funds. As the legislative scrutiny unfolds, all eyes remain fixed on the lawmakers to guarantee accountability and transparency in governmental expenditures.