The Senate on Tuesday called for improved budgetary allocation to the Securities and Exchange Commission (SEC).
The Chairman of the Senate Committee on Capital Market, Osita Izunaso, made the call when the Director-General of SEC, Dr. Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget.
He said the N22.40 billion allocated to the commission in the 2024 budget was inadequate given the important role it plays in the nation’s prosperity.
Izunaso stressed that the budget was too small to enable the commission carry out its statutory functions.
He said: “The SEC is regulating a lot of things. The budget is too small. Something has to be done. You have to regulate cryptocurrency. Cryptocurrency alone should be able to give you a lot of money.”
The chairman also tasked the commission on financial literacy.
“There should be an item in the budget to deal with financial literacy because Nigerians need to be informed.
“You are aware that people have lost confidence in the capital market, in stock because of what happened in the past.
“So, there is the need to regain that confidence. Financial literacy is extremely important,” Izunaso added.