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Senate Rejects IST’s Budget Over Discrepancies, Culture Minister Outlines $100 Billion Creative Industry Vision

The Senate Committee on Capital Market has rejected the 2025 budget proposal submitted by the Investments and Securities Tribunal (IST) due to inconsistencies in figures and items presented. The rejection was initiated by a motion from Senator Seriake Dickson (PDP, Bayelsa West) and seconded by Senator Aliyu Wadada (SDP, Nasarawa West).

Committee Chairman Osita Izunaso (APC, Imo West) directed IST Chairman Amos Azi to return with a revised and corrected budget. Azi apologized for the errors and reaffirmed the tribunal’s pivotal role in resolving capital market disputes, which have exceeded ₦1 trillion since 2003. Izunaso emphasized the importance of integrity and transparency in the tribunal’s operations, urging a thorough review of its financial proposals.

Meanwhile, Minister of Art, Culture, and Creative Economy Hannatu Musawa unveiled ambitious plans to transform Nigeria’s creative sector into a major economic driver. Speaking after securing support for an increased budget, Musawa outlined a vision to contribute $100 billion to the nation’s GDP by 2030 through industry reforms, infrastructure development, and strategic partnerships.

The minister highlighted the sector’s potential to generate two million jobs by 2027 by collaborating with organizations like Afrexim Bank and international governments, including those of the UAE and Saudi Arabia. However, she stressed that achieving these goals requires increased government investment, calling the current allocation insufficient to meet the ministry’s aspirations.

Musawa pointed to events such as “Detty December” in Lagos as evidence of the industry’s economic impact and ability to create opportunities for Nigerian youth. “Every single part of Nigeria is bursting with creative talent. This is real estate for the country and the ministry,” she said.

The committee’s budgetary scrutiny and the minister’s transformative vision underscore ongoing efforts to strengthen governance and unlock Nigeria’s economic potential across sectors.

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