The Senate has requested for additional provisions for Security and Exchange Commission (SEC) budget.
N22.4 billion was previously budgeted for the commission’s 2024 budget.
The Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso requested for this on Tuesday.
The request was made when the Director-General of SEC, Dr Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget.
Izunaso said the amount is inadequate for the important role the commission plays in the nation.
“The SEC is regulating a lot things. The budget is too small. Something has to be done. You have to regulate cryptocurrency. Cryptocurrency alone should be able to give you a lot of money,” he said.
He added that due to the past occurrence in the market, the commission needs more funds for financial literacy.
Emphasis was made that financial literacy is needed in order not to make investors lose confidence in the market.
“So, there is the need to regain that confidence. Financial literacy is extremely important,” Izunaso said.
Agama while giving the budget estimate said that the commission had a budgetary estimate of N22.40 billion for the 2024 fiscal year.
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