LAWMAKERS have criticized the envelope system of funding the annual budget, describing it as undemocratic and calling on the federal government to discontinue its use.
This stance was expressed today by the Senate during the Appropriations Committee’s review of reports from various Senate committees.
The committee argued that the envelope system hinders effective budget planning and development, calling for the adoption of a more efficient, needs-based approach.
In a related development, the Senate Committee on Capital Market rejected the 2025 budget proposal of the Investments and Securities Tribunal (IST) due to inconsistencies and errors in the figures and items presented.
The rejection comes following the tribunal’s budget defense session, chaired by Senator Osita Izunaso. In a motion by Senator Seriake Dickson (PDP-Bayelsa), seconded by Senator Aliyu Wadada (SDP-Nasarawa), the committee directed IST Chairman Amos Azi to reappear tomorrow at noon with a revised and corrected budget proposal.
Responding to the concerns, IST Chairman Amos Azi apologized for the discrepancies and assured the committee of immediate actions to address and rectify the errors.