Secret Reporters No place to hide
Secrets Reporters
As the month of January winds down, several government agencies and parastatals have defended their 2025 budgets before the National Assembly, in line with constitutional requirements. Among them is the Securities and Exchange Commission (SEC), which appeared before the Joint Senate and House of Representatives Committee on Finance to present its revenue projections and expenditure plans.
A document exclusively obtained by SecretsReporters reveals that the SEC has projected a total revenue of ₦51.491 billion for the 2025 fiscal year. A significant portion of this is expected to come from market transaction charges, estimated at ₦18.5 billion, and collective investment schemes, projected at ₦16.8 billion. However, the commission’s total expenditure for the year is pegged at ₦46 billion, raising concerns about fiscal discipline within the agency.
A closer look at the budget breakdown has exposed what appears to be inflated allocations and questionable expenditures. The commission budgeted ₦2.2 billion for local training, while a staggering ₦2.3 billion was set aside for computer software and hardware maintenance. Shockingly, despite this huge allocation for maintenance, an additional ₦1.8 billion was budgeted for the purchase of new computer software and hardware, raising questions about why such a large sum is needed for upkeep when new purchases are already planned.
Further scrutiny of the document shows that the SEC plans to spend ₦1.13 billion on seminars and conferences, ₦2.3 billion on local travel, and ₦1.1 billion on foreign travel. Foreign training alone is set to gulp ₦3.8 billion, while maintenance of motor vehicles, furniture, and equipment will cost a combined ₦3.9 billion. The allocations have sparked concerns over possible financial mismanagement within the agency, especially given the prevailing economic situation in the country.
The Securities and Exchange Commission (SEC) Nigeria is charged with overseeing the country’s capital market and ensuring transparency and efficiency in financial transactions. Established to regulate and supervise market operators, including stockbrokers, investment advisers, and issuing houses, the commission also enforces compliance with securities laws and corporate governance standards. However, the questionable allocations in its 2025 budget raise doubts about the agency’s commitment to financial prudence.
Industry experts and stakeholders have called on the National Assembly to scrutinise the SEC’s budget more closely to prevent possible misuse of public funds. As the legislative review process continues, all eyes remain on the lawmakers to ensure accountability and transparency in government spending.
