The Investments and Securities Tribunal’s (IST) management came under fire from the Senate on Tuesday for spending N16 million on office cleaning and fumigation in 2025, calling the expenditure dubious during a period of severe economic hardship.

Lawmakers voiced concerns about what they saw as misaligned objectives in the agency’s spending profile during the tribunal’s defense of its 2026 budget before the Senate Committee on Capital Market.

Capital market disputes are decided by the IST, a specialized fast-track civil court created by the Investments and Securities Act of 2007 and most recently revised in 2025. Appeals are heard by the Court of Appeal.

Senator Osita Izunaso (APC, Imo West), the committee’s chairman, led the interrogation and demanded explanations for the N16 million spent on cleaning and fumigation out of the N30 million allocated for the item in the 2025 budget.

Izunaso questioned why, despite the tribunal’s operations being little known to investors and market participants, such a large sum was allocated to cleaning services when crucial aspects like public awareness and outreach were underfunded.

Aminu Junaidu, the tribunal’s chairman, defended the expense by stating that fumigation is done every three months to protect confidential documents from rodents and other pests.

He further mentioned that some of the expense was incurred since cleaning services were contracted out to the regional offices of the tribunal.

“We have to keep our records safe. It is imperative that we preserve our confidential documents. He informed the committee that fumigation is carried out on a regular basis for this reason.

Lawmakers insisted, however, that agencies must exercise caution and match spending to public expectations during a time of financial restraint.

The committee also criticized the tribunal for continuing to rely on consumables and stationery in spite of growing calls for government functions to be digitalized.

Nasarawa South Senator Ogoshi Onawo criticized what he called exorbitant office supply spending and urged the tribunal to adopt digital procedures in order to reduce expenses.

The committee was given a 2025 budget performance report, which showed that the IST had spent N6.134 million on computer consumables and office supplies.

The tribunal’s work necessitates a great deal of documentation, including the authoring of rulings and judgments and the creation of Certified True Copies (CTCs) for plaintiffs and other applicants, according to Junaidu’s response.

It’s a tribunal. Our decisions and judgments have to be in writing. We provide litigants with photocopies. We have to give it to the person who applies for a CTC. We consume a lot because of this,” he said.

Although petitioners pay for certified copies, Junaidu explained that the tribunal does not receive the money collected since the fees—roughly N10 per page—are sent straight to the Federal Government’s Treasury Single Account (TSA).

“We have no control over the money; it goes directly to the TSA,” he continued.

The tribunal’s 2025 spending profile showed considerable expenditures in areas other than cleaning and stationery. In addition to N64 million for other local travel and transportation-related expenses, it spent N29 million on training, transportation, and local travel.

Utility costs also took center stage. Telephone charges totaled N990 million, while electricity expenses came to N981 million. The cost of internet connectivity was N702 million.

Additionally, N3.4 million was spent on maintaining motor vehicles and transport equipment, N9.5 million was spent on local training, and N39 million was spent on fuel for plants and generators.

Lawmakers expressed plans to examine the agency’s spending habit in greater detail after the statistics caused a stir in the committee chamber.

The Senate panel emphasized that the IST, a crucial organization in Nigeria’s capital market dispute resolution system, must operate with fiscal restraint in addition to providing justice effectively.

Lawmakers cautioned that public institutions must justify every kobo spent and show value for money in budget implementation, as many Nigerians are confronting increased living expenses.

It is anticipated that the committee will keep reviewing the tribunal’s financial records as part of its larger investigation into the budget projections for capital market authorities in 2026.

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The Nigerian Army’s 2026 budget proposal of N1.504,251,069,722 trillion was praised by a joint National Assembly committee on Monday.

The Nigerian Army received assurances from the House Committee that it would make sure the approved funds were disbursed through efficient oversight of the proper authorities for the budget’s implementation.

This was declared by Senator Abdulaziz Yar’Adua, the chairman of the Senate Committee on Army, following a joint budget defense of the Joint Committee in Abuja with Lt. Gen. Waidi Shaibu, the Chief of Army Staff.

“All members expressed satisfaction with the presentation made by the Chief of Army Staff following a joint session of the Senate and House of Representatives Committees on Army on the 2026 budget,” he said.

All members of the joint committee, however, concurred that the main problem is the funding release delay, which has an impact on all other MDAs.

However, I would like to reassure the Chief of Army Staff that we are dedicated to working with him to achieve success. We would provide you with all of your needs because the Army is so important to our country.

Hon. Aminu Balele, the chairman of the House Committee on Army, also spoke and praised the COAS and his officers and soldiers for their dedication to defending the country’s territorial integrity and fighting insurgency.

In order to allow the Army to fulfill its constitutional obligations, he said that his committee will keep advocating for the prompt availability of money.

Balele guarantees that the committee will carry out its oversight role with the highest level of accountability.

“I would want to express my gratitude to my Senate colleague, Senator Abdulaziz Yar’Adua, and his colleagues for working together on this national task as we wrap up the 2026 budget defense. I applaud the dedication and patriotism of the Chief of Army Staff and his staff.

“As the head of the House Committee on Army, I would like to thank Speaker Tajudeen Abbas for his steadfast support.” We are aware of the problems with budgeting, and we are prepared to press for the prompt availability of cash so that you can fulfill your obligations.

Another development is that Hajia Imaan Sulaiman-Ibrahim, the Minister of Women Affairs and Social Development, has asked for an increase in the N134.2 billion allocated to the Ministry for the fiscal year 2026.

This comes as the Senate’s Women Affairs committee expressed disapproval of the pitifully inadequate cash allocations made to the Ministry’s overhead and capital components of the 2025 budget.

During Monday’s budget defense session with the Senate Committee on Women Affairs, the Minister called for an upward revision of the 2026 budget plan for the Women Affairs Ministry.

She claims that the upward evaluation will assist the Ministry in putting programs into place that address the various issues that women face nationwide. “An upward review of budget estimates for the Ministry Women Affairs and and Social Development should be done in accordance with the plan and the need for more domestic allocations in the 2026 fiscal year,” she stated.

The committee’s chairman, Senator Ireti Kingibe (FCT), responded, however, that while the request was good, the executive branch should address the issue of inadequate funding releases first. The issue of financing is what we oppose, not a review of the amount allocated for your ministry in 2026. We are quite concerned about the releases of monies, as demonstrated in your recent presentations on budget appropriation and releases for your ministry in 2025. First, that issue needs to be resolved,” she stated.

The Minister stated earlier in her presentations on the 2025 budget’s performance and the 2026 predictions that just N394 million of the N89.8 billion allotted for capital expenditures had been released in December and had not even been used. Similar circumstances occurred with the disbursement of funds appropriated for our overhead in 2025, as just N471 million of the N2.8 billion appropriated was made available, she said.

A total of N134 2 billion was set aside for the ministry in 2026, she continued, with N2.1 billion going toward staff costs, N131.2 billion toward capital, and N810.9 million toward overhead expenses.

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A former Managing Director of the National interior Waterways Authority, Mr Bola Oyebamiji, has claimed that the clearance of N14bn by the Federal Government for the procurement of modern boats and ferries will boost safety, trade and passenger transit across Nigeria’s interior waterways.

In a statement on Friday, Oyebamiji announced this in Osun State on Thursday when receiving some journalists led by Frank Meke, who were on a courtesy call and also gave to him a letter of nomination as the “Most Friendly Maritime CEO.”

He clarified that outdated wooden boats and risky operating procedures had long limited inland water transportation in several hinterland states, frequently leading to preventable accidents.

“I submitted a paper to the Federal Government through the Minister of Marine and Blue Economy, and approximately N14.6 billion was approved for the purchase of standard boats and ferries that can safely transport passengers and agricultural products on our inland waters,” Oyebamiji stated.

He claims that the ships targeted riverine areas like Niger, Benue, Kogi, Kwara, and Kebbi, where waterways continue to be vital transportation hubs for both local residents and business operations.

He highlighted that the plan would minimize reliance on dangerous craft and improve food supply chains by assuring faster and cheaper movement of farm produce from rural areas to metropolitan markets.

Oyebamiji went on to say that although wooden boats are responsible for 20 to 25 percent of problems on inland lakes, “human factors contribute nearly 70 percent of accidents,” emphasizing the need for safety measures that incorporate infrastructure, discipline, and training.

“I once organized training and found that some operators were under the effects of narcotics and alcohol. Safety is about behavior as much as it is about boats. We can alter that culture with improved boats, oversight, and education,” he said.

Oyebamiji reflected on the evolution of NIWA, saying that prior to his administration’s emphasis on worker welfare, motivation, and stakeholder involvement, the organization was mostly linked to boat accidents.

“When I joined NIWA, we engaged journalists as part of management by objective and listened to the employees. The same workforce produced an improvement of between 75 and 80 percent without hiring new employees, he claimed.

Beyond maritime problems, Oyebamiji, now the All Progressives Congress Governorship Candidate in Osun State, utilized the event to seek the continuing support of the marine media as he transitioned into politics.

He informed the reporters that his political aspirations would be guided by the same principles of accountability, openness, and people-focused leadership that characterized his time at NIWA. He added that the media continues to play a crucial role in public education and governance.

“I think it’s important to interact with the media, pay attention to criticism, and get better. I still rely on your professionalism and cooperation as I go forward,” Oyebamiji stated.

Earlier, the leader of the group, Mr Frank Meke, praised Oyebamiji for his accessibility, encouragement and welfare assistance to journalists during his stay at NIWA.

According to Meke, Oyebamiji’s transparency improved maritime reporting and aided in the implementation of reforms in the inland waterways industry.

“Your support and concern for the media strengthened our work and the industry. We are honoring your people-centered leadership with this nomination, Meke stated.

Oyebamiji, who accepted the honor, explained that it was a sign of responsibility and collaboration between authorities and the media.

He emphasized that the boat procurement project is still one of the most important interventions aimed at enhancing safety, productivity, and confidence in Nigeria’s interior waters, and he promised to continue supporting marine journalism and the development of inland waterways.

In Nigeria’s interior waterways, boat accidents are a recurring public safety concern that impacts numerous states and causes hundreds of fatalities every year.

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According to Peter Obi, the Labour Party’s 2023 presidential contender, the $9 million that the Federal Government allegedly spent on foreign lobbyists might have been prudently utilized to upgrade healthcare capacities and buy necessary hospital equipment.

According to reports, Peter Obi called the Federal Government’s approval of a $9 million contract for lobbying services in the United States a national shame in a post via 𝕏 on Friday.

According to Peter Obi, Nigerian politicians’ continued preference for waste, corruption, misinformation, lies, and detrimental aspects of growth over constructive initiatives is both unfortunate and alarming.

The former governor of Anambra State claims that instead of funding life-saving technologies, the FG spends millions to hide the nation’s shortcomings.

“Recently, it was reported that $9 million of taxpayer money was spent on lobbyists in Washington, which I believe is just a small fraction of the global waste occurring in the same manner,” he said. This circumstance is consistent with Nigeria’s shameful status.

This is only one little instance of the needless expenditure that has led to the current state of failure in our country. We can examine the Human Development Index (HDI), a crucial development indicator, to better highlight the effects of such waste. From 1990 to 2025, Nigeria stayed in the low HDI category for 35 years.

Comparable countries in the same low category, such Indonesia and China, where Nigeria’s per capita income was three times higher in 1990, have progressed from low to medium and now high classifications.

“These countries’ successes were the outcome of decisions and the cumulative impacts of both good and terrible leadership, not fate, miracles, or natural endowments. This emphasizes how crucial setting priorities is.

Let’s examine the components of HDI—life expectancy (health), education, and per capita income (poverty)—to further clarify the ramifications of the $9 million expenditure. In all three metrics, Nigeria is falling short. For example, let’s look at the $9 million, or almost N14 billion, that was improperly spent on health. Nigeria now has the lowest life expectancy in the world and is one of the top two nations in the world for maternal mortality, making childbirth one of the riskiest experiences for Nigerian women. We spend millions attempting to hide our shortcomings rather than funding life-saving technologies.

“The $9 million spent on foreign lobbyists could have been prudently used to buy necessary medical equipment for Nigerian hospitals, enhancing our capacity to provide healthcare and enhancing our country’s reputation.”

“This $9 million will immediately improve survival rates, treatment, and life expectancy by covering the full 2024 capital budget for at least one major teaching hospital in each zone. The money is there, but good leadership, discipline, and priority are lacking.

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