Senate Requests N10bn To Fund Literacy In The Capital Market

The Senate Committee on the Capital Market has urged Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to approve a special allocation of N10 billion to support literacy and development initiatives in the capital market.

The request was made during a recent interactive session with the Honourable Minister and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

Chairman of the committee, Senator Osita Izunaso, stressed the urgency of the funding, pointing out that Nigeria’s capital market currently has only about 5,000 investors. He argued that a dedicated literacy fund would help revitalise the sector and rebuild investor confidence. He assured the minister that a formal letter detailing the request would be sent after the meeting.

He also acknowledged the challenges investors have faced, including financial losses that have eroded public trust in the market. Senator Victor Umeh echoed this concern, describing the capital market as a key indicator of economic health and emphasising the need for measures to restore confidence in the Nigerian Stock Exchange. He recalled past events that led to heavy losses for investors, describing them as both shocking and traumatic.

Chairman of the Senate Committee on Finance, Senator Sani Musa, also supported the call for funding, stating that the N10 billion allocation for literacy campaigns should be considered in the budget to drive awareness and participation in the market.

In response, Mr. Edun acknowledged the importance of a stable economy in attracting investments, including in the capital market. He reiterated that President Bola Tinubu’s administration has set an ambitious target of achieving a $1 trillion economy, with economic stability as a top priority.