Senate Questions Investments Tribunal's Spending Practices

On Tuesday, the Nigerian Senate, led by Osita Izunaso, scrutinized the Investments Tribunal's expenditure, highlighting a N16 million allocation for cleaning and fumigation and N6.1 million for stationery in the 2025 budget. The Senate committee expressed concerns over the tribunal's spending priorities, especially given the economic strain on the country.

Izunaso questioned the justification for the cleaning costs, which were part of a N30 million appropriated item in the budget. Aminu Junaidu, chairman of the tribunal, defended the expenditures, stating that fumigation is conducted quarterly to protect sensitive documents.

However, lawmakers criticized the tribunal's reliance on stationery despite increasing calls for digitization to cut costs. The tribunal's 2025 budget also revealed significant spending in other areas, including N29 million for local travel and transport, N981 million for electricity, and N990 million for telephone charges.

The committee plans to continue reviewing the tribunal's financial records as part of a broader examination of capital market agencies' budgets.