Senate rejects SECs 2015 budget proposal | Independent Newspapers Limited
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Senate rejects SECs 2015 budget proposal

Posted: May 15, 2015 at 9:15 am   /   by   /   comments (0)

By Ignatius Okorocha –  Special Correspondent, Abuja


The Senate Committee on Capital Market, on Thursday, rejected the 2015 budget proposal of the Securities and Exchange Commission (SEC), accusing it of indulging in financial recklessness in the operation of its 2014 fiscal year.

The committee, in the course of perusing through the financial records of the commission, discovered that it issued N20 billion bond to the government of Gombe State that was not accounted for and still went ahead to grant another N10 billion bond.

Speaking at the budget defence of SEC, Chairman, Senate Committee on Capital Market, Ayo Adesina, lamented that the commission went ahead to engaged in monetary transactions illegally since no money was appropriated to it by the National Assembly in 2014.

Lending voice to the chairman’s comment, former governor of Gombe State and a member of the committee, Danjuma Goje, said it has become clear to the lawmakers how SEC survives without appropriation from the National Assembly.

“It is illegality for you to spend money outside appropriation because you are not supposed to spend money; whatever money you spent is illegal because you are not suppose to spend money without the authorisation from National Assembly. What you did was illegal.

“So, I am in dilemma like others because if we go ahead to appropriate money to the commission for 2015 budget, it looks like SEC decides to do what it wants to do, when they want to come to us, they come to us,” he exclaimed.