Senate Queries Tribunal’s N16m Expenditure Amid Economic Hardship

Members of the Senate Committee on Capital Market yesterday questioned the management of the Investments and Securities Tribunal (IST) over the expenditure of N16 million on cleaning and fumigation services in 2025, at a time when many Nigerians are facing economic hardship.

LEADERSHIP reports that the IST is a specialised, fast-track civil court established under the Investments and Securities Act 2007 (amended in 2025) to resolve capital market disputes.

The tribunal provides expert adjudication for investors and market operators, with appeals lying at the Court of Appeal.

IST Chairman Aminu Junaidu disclosed the figure while appearing before the Senate committee, chaired by Sen. Osita Izunaso, to defend the agency’s 2026 budget proposal.

According to the tribunal’s 2025 budget performance report, the IST spent N16 million on cleaning and fumigation out of the N30 million appropriated for the item in the approved 2025 budget.

He explained that fumigation is conducted quarterly to prevent rodents from destroying sensitive documents, while cleaning services are outsourced across the tribunal’s zonal offices.

The report also showed that the tribunal spent N6.134 million on office stationery and computer consumables.

Junaidu defended the expenditure, saying the materials are necessary for writing judgments and producing Certified True Copies (CTCs) for applicants.

He added that fees for CTCs are remitted directly to the Federal Government’s Treasury Single Account (TSA).

“It is a tribunal. We must write our rulings and judgments. We photocopy and give litigants—or anyone who applies for a CTC—copies. That is why consumption is higher than even our internet usage,” he said.

Other 2025 expenditures by the tribunal included: “Local travel, transport, and training: N29 million, Electricity charges: N981,000, Telephone charges: N990,000, Internet access: N702,000, Maintenance of motor vehicles and transport equipment: N3.4 million, Plant/generator fuel costs: N39 million, Local training: N9.5 million.”

Senate committee member Ogoshi Onawo (Nasarawa South) criticised the tribunal’s continued spending on stationery, urging the agency to embrace digital operations.

Committee Chairman Sen. Izunaso also demanded an explanation for the high expenditure on cleaning services, noting that critical areas such as publicity received minimal attention.

He further highlighted the tribunal’s low public awareness despite its key role in the capital market.

The committee called on the tribunal to justify its expenditures and ensure more efficient budget allocations in future.