1 week ago
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The Senate through its Committee on Capital Market, Tuesday, asked the Minister of Finance, Mr Wale Edun, to approve N10 billion special fund to finance literacy development in the capital market.
Chairman of the Committee, Sen. Osita Izunaso, made the appeal when Edun and the Director-General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama, appeared before the committee for an interactive session.
“We are asking for an intervention for capital allocation, a special funding to finance literacy development in the capital market because that is where the problem is.
“So, if you do that, we will be happy and the capital market will blossom. You will get our letter in that regard today after this meeting.
“That is the hallmark of what Sen. Victor Umeh said. Most of them (investors) lost their money through this capital market system. People lost money; people have not regained confidence and we are pushing them,” Izunaso said.
Senator Victor Umeh (LP-Anambra) had earlier said that the capital market was a very essential indicator of “the health of any economy” and how the capital market operates across the world.
“From the past experience from the capital market, a lot is expected to be done to restore public confidence on the Nigerian Stock Exchange,” he said.
In his remarks, the Chairman Senate Committee on Finance, Senator Sani Musa, said the request for N10 billion for literacy and enlightenment needed to be done.
“We need to see how we can take money out from the budget for the campaign,” he said.
In his remarks, the Minister of Finance, Edun, said in as much as President Bola Tinubu has set up a target of 1 trillion dollar economy, “what matters is the vibrancy of the economy.”
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