Why Nigeria’s SEC got zero budget

JETHRO IBILEKE/Benin

The zero budget allocation made to the Security Exchange Commission, SEC, in Nigeria’s 2013 budget by the National Assembly was made to punish the Executive arm of the government for ignoring calls by the law makers’ for the dismissal of the Commission’s Director-General, Ms. Aruma Oteh.

The member representing Uhunmwode/Orhionmwon Federal Constituency, Edo State, at the lower chamber of the National Assembly, Samson Osagie who made this disclosure Wednesday in Benin City, also said the budget passed by the Assembly was done in accordance with the law, even as he warned that the legislators will be more vigilant in its oversight function with regards to the powers of the executive this year.

Osagie who claimed that Ms. Oteh was not qualified for the job, noted that the Act which established the SEC states that the DG should possess a 10-year experience in the stock market.

“She had no experience. They appointed her based on paper qualification. Besides, her attitude before the House Committee on capital market also fell below standard; irrespective on how people will see it,” he said.

Osagie also defended the House position which extended the 2012 government ministries and agencies’ capital budget expenditure till April 12 this year, adding that it was an Act of the Parliament.

“We have to roll the 2012 budget over because the government was still releasing monies in December. It is not illegal, but an Act of Parliament which has power to make laws for appropriation of the federation because we do not want ministers to fritter the money away, and the implementation will run side by side with the 2013 budget,” Osagie said.