By Abbanobi -Eku OnyekachiAbuja
The Nigerian Senate has turned down the 2025 budget proposal of the Investments and Security Tribunal (IST), citing errors in the figures and items presented. The rejection was made by the Senator Osita Izunaso-led Senate Committee on Capital Market on Thursday during the agency’s budget defense.
According to reports, the Senate Committee Chairman directed the ISTs Chairman, Amos Azi, to return on Friday by 12 noon to re-present the budget. This decision was made after a motion was moved by Sen. Seriake Dickson (PDP-Bayelsa) and seconded by Sen. Aliyu Wadada (SDP-Nasarawa).
The rejection of the budget proposal is a significant setback for the ISTs, which is responsible for resolving disputes related to investments and securities in Nigeria. The tribunal’s budget proposal was expected to provide critical funding for its operations and programs.
However, the Senate Committee’s decision to reject the proposal highlights the need for greater transparency and accountability in the budgeting process. The committee’s actions demonstrate its commitment to ensuring that public funds are utilized efficiently and effectively.
The ISTs will now have to revisit its budget proposal and address the errors and concerns raised by the Senate Committee. The tribunal’s chairman, Amos Azi, will have to provide a revised budget proposal that meets the committee’s requirements.
In related news, the Minister of Education has defended the 2025 budget proposal for the education sector, prioritizing investments in technical and vocational education, science, technology, engineering, and mathematics (STEMM), and teacher development ¹. The proposed budget also includes funding for initiatives aimed at reducing out-of-school children and promoting data-driven decision-making in the education sector.
