The Senate Committee on Capital Market has raised sharp concerns regarding the spending priorities of the Investments and Securities Tribunal (IST), specifically questioning the expenditure of ₦16 million on cleaning and fumigation services during the 2025 fiscal year.
During a 2026 budget defense session held yesterday, Committee Chairman Senator Osita Izunaso and other lawmakers voiced disapproval over the tribunal’s high overhead costs at a time when many Nigerians are grappling with significant economic pressures.
Appearing before the committee, IST Chairman Aminu Junaidu disclosed that out of a N30 million appropriation for cleaning and fumigation in 2025, the tribunal had already utilized ₦16 million. Junaidu defended the costs, citing the need for quarterly fumigation to protect sensitive legal documents from rodent damage across the tribunal’s zonal offices.
The 2025 performance report also revealed several other administrative expenses that drew legislative scrutiny:
Stationery and Computer Consumables: ₦6.134 million
Plant/Generator Fuel Costs: ₦39 million
Local Travel and Training: ₦29 million
Vehicle Maintenance: ₦3.4 million
Utility Charges: Approximately ₦2.6 million combined for electricity, telephone, and internet.
Senator Ogoshi Onawo (Nasarawa South) criticized the IST’s continued reliance on paper-heavy operations, urging the specialized court to embrace digitalization to reduce the millions spent on stationery and physical document reproduction.
Furthermore, Chairman Izunaso highlighted a disconnect in the tribunal’s strategic spending. He noted that while millions were allocated to cleaning services, the tribunal remains relatively unknown to the investing public.
“The tribunal plays a key role in the capital market, yet public awareness remains low. Critical areas such as publicity are receiving minimal attention compared to cleaning and fumigation,” Izunaso remarked.
In response to the queries, Junaidu explained that as a fast-track civil court, the IST is mandated to produce multiple copies of rulings, judgments, and Certified True Copies (CTCs) for litigants. He noted that the fees generated from these services are remitted directly to the Federal Government’s Treasury Single Account (TSA), justifying the high consumption of printing materials.
The Senate Committee has called on the IST management to provide further justification for its current expenditures and mandated a shift toward more efficient budget allocations that prioritize public awareness and technological integration in the coming year.
