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| Nigeria Stock Exchange |
During the present fiscal
year, the House of Representatives and Senate of the Federal Republic
of Nigeria unanimously deprived the Security and Exchange Commission
(SEC) of any form of budgetary allocation. Reason been obviously the
fracas between the Director General of the Commission and the erstwhile House Committee
Chairman on Capital Market.
Incidentally, SEC seems to have existed for almost one year now without complaining of inadequate funds. What looked like a punishment or indictment has not actually served it purpose.
However, the pertinent questions to be spelt out here are, do revenue generating agencies like SEC require budgetary allocations? Who has been approving such public expenditure carried out by the D.G. of SEC including paying salaries, wages and embarking on other overhead expenses with the revenues generated at SEC all this while? Is there a leakage or conduit pipe that we have refused to notice? could this be a case of double spending (generating revenue and receiving budgetary allocation?
These and many more, are questions that require urgent answers if we want to protect public funds. Remember, there are other revenue generating govt. MDAs like SEC in Nigeria still enjoying this double allocation status.
The sooner we begin to notice all of these issues and take them seriously, then, shall we be attempting to serve our economy and democracy in Nigeria from leakage and abuse of public funds.
Incidentally, SEC seems to have existed for almost one year now without complaining of inadequate funds. What looked like a punishment or indictment has not actually served it purpose.
However, the pertinent questions to be spelt out here are, do revenue generating agencies like SEC require budgetary allocations? Who has been approving such public expenditure carried out by the D.G. of SEC including paying salaries, wages and embarking on other overhead expenses with the revenues generated at SEC all this while? Is there a leakage or conduit pipe that we have refused to notice? could this be a case of double spending (generating revenue and receiving budgetary allocation?
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| Aruma Otteh, DG SEC, Nigeria |
These and many more, are questions that require urgent answers if we want to protect public funds. Remember, there are other revenue generating govt. MDAs like SEC in Nigeria still enjoying this double allocation status.
The sooner we begin to notice all of these issues and take them seriously, then, shall we be attempting to serve our economy and democracy in Nigeria from leakage and abuse of public funds.
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