February 18, (THEWILL) – The National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Ahmed for assent.
The chairman of the Senate Committee on Capital Market, Osita Izunaso, disclosed this on Tuesday, during the Securities and Exchange Commission’s budget defence in Abuja.
“The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”, he said, adding that the Committee has followed up with a written directive to the Minister of Finance to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
In his presentation, the Director General of the SEC, Dr Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee, which has moved the market forward in 2024.
Dr Agama noted that in 2024 Nigeria was one of the best-performing markets in the world.
“Your support has gingered the market; there is a new spirit and that support has assisted us to achieve what we achieved together. Last year, we wished that the Federal Government’s 50% deduction would be reduced to 20%, but we could not achieve that in 2024.
“We are glad to say that with the intervention of the committee and the Chairman, the Minister has signed the reduction of the deduction from 50% to 20%. We are hopeful that the implementation will take effect from March 1″, he stated.
Agama pointed out that the 2024 budget was properly administered, stressing that while the projected income was N22.4 billion, the gross income received was N26.9 billion with a surplus of 20.34%.
“We achieved 100% and went above it by 20%. Expenditures for the period were N20.8 billion, while N12.68 billion went to deductions. Our net surplus was then N2.5 billion”, he added.
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