NASS ROUNDUP: Budget passing, N10bn vote for capital market literacy, other top stories from Senate

Committee proposes N10 billion for finance capital market literacy

On Tuesday, the Senate Committee on Capital Markets requested the federal government to include N10 billion in the 2025 budget to finance literacy development in the capital market sector.

The committee chairperson, Osita Izunaso, made the request when the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, appeared before the committee to discuss the performance of the Securities and Exchange Commission (SEC).

Mr Izunaso, who represents Imo West Senatorial District, emphasised the need to increase awareness about capital markets to curb fraudulent investments and Ponzi schemes that have cost Nigerians billions of naira.

Lawmakers question police over missing firearms

The Senate Committee on Public Accounts sought explanations regarding the alleged disappearance of 3,907 firearms in 2020, alongside a separate case involving 178,459 missing firearms, including 88,078 AK-47 rifles, from police inventory in 2019.

The inquiry occurred on Tuesday when Inspector General of Police (IGP) Kayode Egbetokun, represented by Assistant Inspector General of Police Sulaiman Abdul, appeared before the committee in response to queries raised in the 2019 Auditor-General’s Report.

Lawmakers raised concerns over the security risks posed by missing firearms, with Edo North senator Adams Oshiomhole and Anambra Central senator Victor Umeh alleging that some police officers might be selling arms to criminals.

While Mr Abdul requested a closed-door discussion, Onyekachi Nwebonyi, who chaired the session, insisted on a more transparent response and directed the police leadership to provide a detailed explanation in a subsequent hearing.

Senate amends laws establishing regional development commissions

On Wednesday, the Senate amended the laws establishing regional development commissions and the National Youth Service Corps (NYSC) Trust Fund to align their funding structures with constitutional requirements.

The changes were necessary to address funding inconsistencies and ensure compliance with the Consolidated Revenue Fund provisions.

The establishments are the North-west Development Commission (Establishment) Act (Amendment) Bill, South-west Development Commission (Establishment) Act (Amendment) Bill, South-east Development Commission (Establishment) Act (Amendment) Bill and National Youth Service Corps Trust Fund (establishment) Bill.

The Committee of the Whole passed the amendments with overwhelming support from senators.

Senate passes N54.9 trillion 2025 budget

The Senate passed the 2025 budget, raising it from President Bola Tinubu’s proposed N54.2 trillion to N54.9 trillion.

This marks an upward adjustment of approximately N750 billion.

The Committee of Supply considered the budget.

The budget was approved with recommendations that N3.6 trillion be approved for Statutory Transfers, N14.3 trillion for Debt service, N23.9 trillion for Capital expenditure, and N13.8 trillion for Fiscal Deficit.

The Senate President, Godswill Akpabio, announced the budget’s passage after most senators supported it through a voice vote, following a report presented by Senate Appropriations Committee chairperson, Adeola Olamilekan.

Call for inclusion of North-east in superhighway projects

On Thursday, the Senate urged the federal government to include Northeastern states in the newly approved superhighway project, which has a budget of N4.2 trillion.

The resolution came after Gombe Central senator Danjuma Goje raised concerns about the region’s exclusion from the project approved by the Federal Executive Council (FEC) on 3 February.

Many of the senators who contributed to the motion supported Mr Goje’s motion, arguing that the country’s roads are in a poor state.

Mr Akpabio criticised previous administrations for neglecting road infrastructure and put the motion to a vote, which was passed with majority support.

Amendment to North-central Development Commission Act

On Thursday, the Senate amended the North Central Development Commission (NCDC) Act to ensure fair representation across geopolitical zones, in line with the federal character principle.

The amendment also sought to align the commission’s funding sources with constitutional requirements to address financial inconsistencies.

The Committee of the Whole reviewed and passed the amendments with broad support.

IGP writes Senate on missing firearms

During Thursday’s plenary, Mr Akpabio read a letter from the Inspector General of Police, Kayode Egbetokun, disputing the findings of the 2019 Auditor-General’s Report regarding the disappearance of 3,907 rifles and pistols from police formations nationwide.

The IGP argued that the claims made in the report were “rooted in factual inaccuracies” and expressed concerns about the reputational damage caused to the Nigeria Police Force (NPF) both domestically and internationally.

He warned that such allegations could undermine public trust and raise unnecessary international concerns.

The Senate President then assured that the Senate and the police would conduct separate investigations to establish the facts and address the issue comprehensively.