The Senate Committee on Capital Market has rejected the 2025 budget proposal for the Investment and Securities Tribunal (IST) due to errors in the figures and items presented during the agency’s budget defense.

During the session on Thursday, the Chairman of the Committee, Senator Osita Izunaso, moved to reject the proposal after a motion was raised by Senator Seriake Dickson (PDP-Bayelsa) and seconded by Senator Aliyu Wadada (SDP-Nasarawa).

The IST Chairman, Amos Azi, acknowledged the discrepancies and apologized for the mistakes.

Senator Izunaso directed the IST leadership to return the next day at 12 noon for a re-presentation of the corrected budget.

“They have publicly owned up to the shortcomings and errors. We expect them to make the necessary corrections and meet with the leadership of the committee,” Dickson stated.

Despite the rejection, Izunaso emphasized the critical role of the Investment and Securities Tribunal in resolving disputes within the capital market.

Since its inception in 2003, the tribunal has successfully resolved disputes worth over N1 trillion, building investor confidence and promoting market growth.

“As we review the 2025 budget, we will be looking closely at the tribunal’s plans to enhance its operations, expand its reach, and address emerging challenges,” Izunaso added.

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