The Senate Committee on Capital Market has queried the Securities and Exchange Commission (SEC) over the expenditure profile of the 2025 budget.
The committee picked holes in the N7.166 billion earmarked for about four items. Of particular concern to the committee was the N1.464 billion earmarked solely for electricity.
It, however, applauded the revenue profile of the budget. On Thursday, February 13, the Senate passed the N54.99 trillion 2025 budget and made some adjustments to the Appropriation Bill on Tuesday, February 18, after rescinding its earlier decisions.
While appearing before the committee on the same Tuesday, the lawmakers demanded an explanation from SEC on why only electricity had four different requests in one year.
Under its expenditures, SEC allocated the sum of N355,945,200 for electricity charges and N490,360,000 for generator fuel.
Under capital, it budgeted the sum of N118,000,000 for the procurement of a generator and N500,000,000 for green energy (solar).
Other budget items flagged by the committee include N66.8 million for toiletries, beverages, utensils, etc.; N1.3 billion for the maintenance of furniture and equipment; N3.8 billion for foreign training; N2.3 billion for local travels; and N1.125 billion for foreign travels.
