Secret Reporters No place to hide
Secrets Reporters
The Securities and Exchange Commission (SEC) has come under fire for its extravagant 2025 budget, which reveals shocking allocations for non-essential expenditures while Nigerian investors continue to face challenges in a turbulent financial market.
According to documents obtained by SecretsReporters, the Commission has budgeted an eye-watering ₦2,389,618,370.00 for local travel expenses. The substantial sum is being set aside for trips within Nigeria, raising questions about the necessity of such large-scale spending when virtual meetings have become a viable option. Critics argue that such hefty expenditures are a clear indication of wasteful practices rather than legitimate operational needs.
In addition to the travel budget, SEC has allocated ₦1,398,449,170.00 for the “maintenance of furniture and equipment.” The amount, over ₦1.3 billion, has sparked outrage, as it raises doubts about the actual purpose of such extensive spending on items that are typically seen as minor operational costs. Questions abound regarding the agency’s justification for this allocation, particularly given the absence of new infrastructure or any signs of large-scale refurbishment.
The Commission’s 2025 budget also includes ₦2.8 billion earmarked for welfare and administrative costs, as well as ₦3.5 billion for consultancy services. Observers are questioning the need for such massive sums to be spent on external consultancy when SEC already employs a full staff of experts. It remains unclear which specific tasks require this level of outsourcing, especially when the market’s regulatory framework remains widely criticized for inefficiency.
While SEC’s budget is filled with questionable allocations, many are concerned that these funds could have been better utilized to bolster market regulation, enhance investor protection, and strengthen technological infrastructure within the financial market.
With more than ₦10 billion being directed towards vague and seemingly unnecessary expenses, critics are calling for a reevaluation of how public funds are being spent by the regulatory agency. The budget reflects a troubling trend, wherein SEC’s focus seems to have shifted from its core mandate to protecting its own interests, leading to a loss of investor confidence and a failure to address systemic issues within the capital market.
The SEC’s lavish budget for 2025 raises serious concerns about the management of public resources and its priorities, especially at a time when investors continue to face challenges in an unpredictable and underregulated market. The growing skepticism over the Commission’s financial management has led to calls for greater accountability and transparency.
